Tom DeMark Sees S&P 500 Rallying Toward 3,500 Before Topping Out
- Nasdaq set to underperform while market gains seen broadening
- DeMark Analytics specializes in identifying inflection points
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The rally that lifted U.S. stocks out of a six-week trading range has more room to go, according to Tom DeMark, who came close to calling this year’s bear-market bottom.
The S&P 500 Index is likely to approach the 3,500 level before buyers are exhausted, said the founder of DeMark Analytics LLC, which specializes in identifying market turning points. More precisely, the index could climb to 3,486 in the next few weeks as the broader market catches up with a rally that has been dominated by technology shares and as short sellers buy back stocks to limit losses, he said.