S&P500 not peaked yet

The S&P500 has not peaked yet in the current bull market, according to Peter Lee at UBS. Although the bull market that began in March 2009 is maturing and will end in a sharp correction or new bear market, the index has further to run before then, he says. The potential target is 2509-2522 with the next 6 months to 2 years, based on the head and shoulders breakout at 1600 in May 2013. The most bearish scenario maintains that the previously mentioned head and shoulders breakout was false so the S&P will return to test 1600 and then possibly 1000.

Read article >>