Not bad for 74 days, eh?
Delta continue : "For the market to return to its previous high, it will advance about 1.7% from current levels. This is hardly a compelling upside story. Is there a case to be made for the S&P 500 index to run materially higher than 2,940 in the next year? The bullish price action of the stock market year-to-date suggests there is upside to consensus earnings and growth estimates.
One simple, time-tested rule of investing is the Rule of 20. The Rule of 20 says the S&P 500 Price/Earnings (P/E) multiple equals 20 minus inflation. The Federal Reserve currently measures inflation at 1.4%. 20 less 1.4 equals 18.6. If we apply the 18.6 P/E multiple derived from the Rule of 20 to the consensus S&P 500 2020 earnings forecast of $187.42, we arrive at a price target of roughly 3,500 on the S&P 500 about one year from now. That is 21% upside from current levels."
IBD says this : "Leadership in the stock market is still centered on software, electronics, computer and chip sectors. They are showing no signs of weakness."
even for this week, except for health care and energy sector, all other sectors ended the week at the top of the trading range
Happy trading !
Disclosure: I am/we are long TQQQ, NQM19.