A market strategist forecasts the S&P 500 could surge to 8,000 soon, citing strong technicals and earnings growth.
A strategist predicts the S&P 500 could break 8,000 in the near term, driven by technical momentum in SPY and QQQ. The index currently trades in the mid-6,500 range, with the SPDR S&P 500 ETF Trust (SPY) at $734, up 7.4% year-to-date and 20% over the past year.
The call follows JPMorgan’s projection of 13% S&P 500 earnings per share growth in 2026, matching the current 13% year-over-year profit expansion. An estimated $30 billion in pension rebalancing sell pressure on June 29-30 is seen as a tactical entry point for semiconductors and Asian markets.
The strategist advises leaning into high-momentum sectors like semiconductors and select Asian equities, describing the trade as crowded but justified by performance.