The S&P 500 closed today a hair under 3,720. Does the index stand any chance at recovering before the year comes to a close? On December 31, will the S&P 500 close above 3,800… or below?
Here’s what our experts had to say.
Ian Culley: Below! Trends persist, and the structural downtrend remains intact.
Sean McLaughlin: Below. The Fed wants stocks lower. The Fed gets what it wants. Ergo, S&P 500 will be lower on December 31.
Adam Mesh: Below. A double negative is often used when you don’t want to say what’s actually happening. A “not soft” landing actually means a painful and prolonged recession. Considering we are still up over 40% on both the Nasdaq and Dow from our March 2020 lows, there is still a lot of risk on the table. In addition, the higher interest rates go, the more TINA becomes an obsolete abbreviation.
Steve “Reity” Reitmeister: Below. It will be under 3,800 as Chairman Powell’s 11/2 speech reaffirmed the GREAT likelihood of recession and continuation of bear market. The better question is whether stocks will be above or below 3,000?
Steve Smith: Above. The S&P will close right at 3,999 on December 31.
Jay Soloff: Above. Santa Claus rally will happen unless Powell really wants to play the Grinch.
