Fibonacci Chart Says S&P 500 May Reach 1,350: Technical Analysis
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The Standard & Poor’s 500 Index may climb as high as 1,350 next year, according to Christian Bendixen of Bay Crest Partners LLC, who uses the Fibonacci system to forecast stock prices.
The New York-based analyst derives that target by using the S&P 500’s “pivotal” levels around 1,300 in 2008 and 1,355.44, which would allow the benchmark to recoup 76.4 percent of the loss during the 2007-2009 bear market. Even during the market’s plunge from April to July, he said, the S&P 500 was able to hold above 1,010.71, or 61.8 percent of the gain from the bull market’s beginning in March 2009 through this year’s peak in April, a sign the rally will resume.