#SPY S&P 500 Outlook: Anticipating a Pullback Before a New Rally
I expect the S&P 500, along with the SPY ETF, to undergo a corrective decline from the current levels down to the area highlighted on the chart. This outlook is supported by several factors:
1-Geopolitical Tensions: Ongoing political events in the Middle East and East Asia are likely to contribute to market uncertainty.
2-Economic Data Ambiguities: Persistent uncertainty surrounding U.S. economic indicators is weighing on investor sentiment.
3-Valuation Concerns: A significant number of stocks are trading at valuations far above their intrinsic worth, indicating potential for a correction.
Following this anticipated pullback, I foresee a strong upward movement beginning in February 2025, leading to new all-time highs, as indicated by the levels marked on the chart.
Wishing everyone good luck and successful trading.
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