FxWirePro Call Review: S&P500 target revised higher to 3120

Last week, in an article, named, “FxWirePro: S&P500 likely to reach new record high if support at 2530 holds”, available at https://www.econotimes.com/FxWirePro-SP500-likely-to-reach-new-record-high-if-support-at-2530-holds-1166341 we suggested that while we have turned bearish on European stocks as they look wobbly, that is not that case for North American stocks. Unlike the European bourses, the American benchmarks have the support of recently passed tax cuts and reforms, as well as an accelerating economy.

In that piece, we suggested that as long as the support around 2530 holds, S&P500 is likely to hit a new record high and reach 2920 area. Since then, the index has moved higher and is currently trading at 2780 area. In this article, we would like to extend our bull side target from 2920 to 3120, to be reached over the course of 2018. Book 40-50 percent of the profits at the now interim target of 2920 area.