S&P 500 Index: Upside bias intact heading into the November election – BofA

In the view of the analysts at Bank of America (BofA), the S&P 500 index could jump 30% from current levels to 3,700-4,300 target range, as the long-term technical set up remains constructive despite this month’s correction, per Business Insider.

Key quotes

“Investors should continue to hold on for upside in the S&P 500 heading into the November election.”

“A completed "cup and handle" pattern suggests the S&P 500 could rise to 3,700, representing potential upside of 12% from Friday's close. A longer-term target of 4,300 from the technical-analysis pattern, representing 30% upside.”

"SPX 4300 is an aspirational upside count, but one that is achievable based on the bullish breakout, positive backdrop signals and our secular bull market roadmap.”