Market Call

We remain convinced that the S&P 500 bottomed on October 12, 2022. The S&P 500 is up 16.2% since then (table below). Every sector of the S&P 500 is up since then. Even the Financials sector is up 10.3% despite the recent banking crisis.

We are still expecting to see the S&P 500 rise to 4600 by the end of this year. However, there could be some turbulence up ahead as a result of the partisan deadlock in Congress about raising the debt limit. We expect it will be resolved, but it may take a serious swoon in stock prices to force our politicians in Washington to get it done.