Stifel argued Monday that it is unlikely that the S&P 500 (SP500) will reach a new high by the end of 2023. Instead, the firm predicted that the benchmark index will close the year near the 4,400 level, which is roughly 100 points lower than its current state.
“Our S&P 500 YE23 view is 4,400,” Stifel stated, adding that “achieving the prior peak of 4,800 requires very favorable (we think unlikely) EPS and financial conditions.”
The major market average traded went into this week’s holiday-shortened trading at around 4,515. The S&P 500 is tracked by the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), the iShares Core S&P 500 ETF (NYSEARCA:IVV) and the Vanguard S&P 500 ETF (NYSEARCA:VOO).
Year-to-date price action: SP500 +18.2%, SPY +18.5%, IVV +18.5%, and VOO +18.4%.
Elsewhere, BTIG recently outlined 4460 and 4100 as key technical levels for the major index.