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The re-test of 2024 high is coming: BTIG on S&P 500

Published 06/05/2024, 18:32
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BTIG has analyzed market trends and predicted that the S&P 500 index will likely re-test its 2024 high.

The investment firm said in a research note Monday that the index, which is considered the best gauge of large-cap U.S. equities, is now firmly above its downtrend from March highs as well as 50 DMA.

"Friday's gap still likely to get filled, in our view, but bulls clearly have the upper hand here, and a re-test of prior highs (5260) should be coming," explained analysts at BTIG.

"The onus is on the bears, and they need to break back under ~5050 to regain some downside momentum and put the 4800 test back in play."

Elsewhere in the wide-ranging note, analysts at BTIG stated that sentiment for Chinese equities is still extremely bearish. However, they feel that the bearish sentiment and improving trend create an attractive set-up for Chinese equities.

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