S&P 500: S&P 500 may be heading up to test its top of the range ~ 5,600

The S&P 500 ran up to an intraday all-time high at 5,447.25 on Wednesday, thanks to Apple stock which also made its intraday all-time high at $220.20 per share. Apple launched Apple Intelligence on Monday, an AI model that solves users' everyday problems. Some investors, who got it wrong about Apple's AI strategy, could decide to get it now.

Goldman Sachs raised their S&P 500 year-end target on Friday to 5,600, citing an upbeat profit outlook. In our view, the index could reach the 5,600 level as early as mid-July during the Q2 earnings season, followed by a late summer correction.

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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