Webinar Recap: Can the S&P 500 gain another 20% in 2024?

Tiger_James Ooi
01-28

Didn't get a chance to join us live? Watch the webinar replay on YouTube or TigerApp now!

My base case for 2024 is that the S&P 500 could gain 10% to reach 5,250. The maximum drawdown is expected to be between 10% and 15%, possibly occurring in Feb-Mar or Sep-Oct based on seasonality.

The potential upside catalysts for this year may arise from a weaker dollar, multiple rate cuts, and better-than-expected EPS.

Technical analysis suggests that the S&P 500 may begin its correction now, having just reached its Inverted Head & Shoulders target price at 4896. However, I would not be surprised to see the S&P 500 reach its Fibonacci extension levels of 127% at 5111 or 141% at 5223 before a meaningful correction occurs.

We continue to favor the Magnificent Seven, despite their already impressive rally in 2023. These stocks still exhibit faster growth compared to the remaining 493 S&P 500 stocks and stand to benefit the most from the evolution of AI.

An ideal investment strategy involves being 70% invested in the market and using the remaining 30% for short-term investing.

$SPDR S&P 500 ETF Trust(SPY)$ $NVIDIA Corp(NVDA)$ $Apple(AAPL)$ $Microsoft(MSFT)$

Will S&P 500 Hit 5000?
S&P 500 hit historic highs again to 4900, extending last week's upward trend. ---------------------- Will S&P 500 hit 5000? Will the gains concentrated in tech and semiconductors rotate to other sectors? Would you choose to sell covered calls to protect your positions?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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