Jeff Saut, the veteran strategist over at Raymond James, offers a pretty bullish call this week.
The S&P 500 is trading right at it’s all-time closing high of 1,633 right now.
Saut sees it going much higher.
From his new commentary:
The call for this week: As stated in Friday’s verbal strategy comments, there is a small window for a mild pullback this week with my daily internal energy indicator out of energy. However, there is minor support for the S&P 500 (SPX/1633.70) at 1614, and major support between 1590 and 1600, so I think any selling should be contained by one of those support levels with no damage to the uptrend. More importantly, last week the Buying Power Index crossed above the Selling Pressure Index (see chart on page 3), confirming the strength of the primary uptrend. Accordingly, I don’t think the bears can prevent a move to 1700 into the end of the quarter (July 1st) unless there is some kind of “black swan” event.
Here’s the chart Saut offered:
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