The Standard & Poor’s 500 Index, heading for its biggest first-quarter gain since 1998, will probably rise 13 percent in the next few months after staging a “confirmed breakout,” says Katie Stockton of MKM Partners. The benchmark measure of U.S. equities closed above its January high of 1,150.23 for two consecutive weeks on higher- than-average trading volume, after failing to stay above that level in the previous week. That breakout confirms the S&P 500 has entered a new phase of its yearlong rally and may reach 1,325, said Stockton, who boosted her projection from between 1,220 and 1,230.
“The breakout was decisive,” Stockton, chief market technician at Greenwich, Connecticut-based MKM Partners, said in an interview. It indicates “the trend will persist at its current rate,” she added. (more)
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