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As the first quarter of 2024 comes to an end, all we can do is look back on the quarter and marvel at how strong the S&P 500 has been. The index has set new all-time high, after new all-time high.
Now the question is whether the S&P 500 can keep this bullish trend up during the second quarter. We think it can.
Wall Street has fully priced in its updated expectations of three interest rate cuts from the Federal Reserve by the end of 2024, as the U.S. economy continues to show strong numbers and inflation seems to be moderating.
Traders are looking at all of these bullish indicators, and they are buying stocks across the board. They are putting money into not only the large-cap stocks of the S&P 500 but also the small-cap stocks of the Russell 2000.
The Russell 2000 just completed a bullish cup-with-handle continuation pattern this week that points to the index moving much higher during the second quarter.
Looking ahead, we don't see any reason to expect these bullish trends to end anytime soon.
In the video below, we walk you through the bullish case for the stock market and why we are so confident moving forward in the Predictive Alpha Prime portfolio. (18:10 min. watch)
Each week, we will update you on our open trades, organized by their initial "target price" date.
To be clear, these trades are straight stock buys; we will not pursue any options trades in this service.
Predictive Alpha's unique A.I. system allows it to predict, with astonishing accuracy, where a security will move over the next month (or, to be more specific, the next 21 trading days).
Because this A.I. is so sensitive and updates its predictions every single day, a predicted target price may change from one day to the next.
We watch those changes carefully and will alert you when we think an exit is optimal.
Target Price/Date: $517.14 (we set a GTC limit order to sell the stock at its target price on Mar. 27, 2024)
Current Return: 0.38%
The current one-month target price for META points to the stock climbing back up to the resistance level it has been dealing with for the past few months.
With a scheduled earnings announcement coming before our trade deadline, we expect traders to push the stock higher in anticipation of another strong report.
John Jagerson & Wade Hansen Analysts, Predictive Alpha Prime
P.S. For any questions or concerns, check out your brand-new Frequently Asked Questions page, which you can access here. Otherwise, reach out to or contact your Customer Concierge Team at 866-385-2076, support@tradesmith.com for general questions, or JohnandWade@tradesmith.com for service-specific questions Monday through Friday, 9:00 a.m. to 5:00 p.m. ET. Our dedicated team will be glad to assist you.
TradeSmith is not registered as an investment adviser and operates under the publishers' exemption of the Investment Advisers Act of 1940. The investments and strategies discussed in TradeSmith's content do not constitute personalized investment advice. Any trading or investment decisions you take are in reliance on your own analysis and judgment and not in reliance on TradeSmith. There are risks inherent in investing and past investment performance is not indicative of future results.
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