S&P 500 maintains uptrend as Oppenheimer Asset Management eyes 6,200 target

seekingalpha2024-10-30

mbbirdy

Wall Street investors have watched the broader S&P 500 (SP500) track higher as markets look to close out the month of October. More specifically the S&P 500 maintains its uptrend on both the cap-weighted index and equal-weight index.

“The key point is that equities are behaving in a manner consistent with what we’d expect to see in an ongoing advance. For S&P levels, the breakpoint at 5,650 is now support and, by our analysis, measures toward 6,200,” Oppenheimer Asset Management stated.

While the financial firm hinted at a more bullish outlook, it did go on to say that its sense is that the next bear market is potentially a “H2’25 reset story” within an ongoing secular bull.

As a result, the investment institution went on to say that it remains overweight Financials, Industrials, and Info Tech, while also remaining underweight Energy, Consumer Staples, and Consumer Discretionary.

See related sector-focused ETFs for investors that want to track the areas that Oppenheimer Asset Management is overweight and underweight:

  • Consumer Discretionary ETFs: (XLY), (VCR), (FXD), (FDIS), (RSPD), and (RXI).
  • Consumer Staples ETFs: (XLP), (VDC), (IYK), (FSTA), (KXI), and (RSPS).
  • Energy ETFs: (XLE), (AMLP), (VDE), (XOP), (OIH), and (IXC).
  • Financials ETFs: (XLF), (VFH), (IYF), (FNCL), (IYG), and (FXO).
  • Industrials ETFs: (XLI), (VIS), (FXR), (IYJ), (FIDU), and (RSPN),
  • Tech ETFs: (VGT), (XLK), (IYW), (FTEC), (IXN), and (RSPT).
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