S&P 500 rebounded 10% since April but faces resistance near 200-day average at 5,745, prompting caution from analysts

The S&P 500 rebounded 10% since April, but analysts warn of potential resistance and overly optimistic market pricing, signaling caution ahead.

Sources:
CNBCMarketwatch
Updated 44m ago
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The Headline

Caution Surrounds S&P 500's Future With Limited Upside

His view is that the S&P 500 has hit a wall, with near-term upside limited to 5%, but downside possibly of up to 10% if the index retests that 4,835 low.
Keith Lerner
Analyst
Marketwatch
Projected S&P 500 range
5,200-5,800
CNBC
Key Facts
  • JPMorgan's cross-asset strategy team forecasts that the S&P 500 will remain in a range between 5,200 and 5,800.
  • Keith Lerner warns the market may have overly optimistic pricing, suggesting a potential misstep following April's recovery.Marketwatch

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Background Context

Market Rebound and Technical Resistance Faced by S&P 500

S&P 500 rebound percentage since April
10%
Marketwatch
S&P 500 200-day average level
5745
S&P 500 overhead resistance level
5670
Key Facts
  • After a strong 10% rebound since April, the S&P 500 is now facing potential market corrections and resistance, particularly near its 200-day average at the 5,745 level.
  • Analysts note that although the S&P 500 is no longer in correction territory, there is significant overhead resistance until the 5,670 level.
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