UBS is in search of the S&P 500 to commerce decrease in Q1 of 2024, forecasting right down to 4280 in March.
The upmove we have seen (previous to Wednesday!) could also be, what UBS is looking, a ‘bull trap’:
- We nonetheless assume that the present breakouts is the setup for a traditional bull entice as a substitute of believing within the begin of a bigger breakout marketing campaign
Citing as causes to be cautious:
- low volatility
- yields hitting oversold ranges
- divergences with UBS’ proprietary indicators
This text was written by Eamonn Sheridan at www.forexlive.com.
