Investors chasing the US equity rally should pull back as the S&P 500 Index bumps up against key technical levels on charts and the earnings season will probably bring more bad news, warned Mike Wilson, Morgan Stanley’s chief US equity strategist.That double hurdle is likely to send the S&P 500 back to its December lows at around 2,350, Wilson said in a research note. It faces challenges around the range of 2,600 to 2,650, “which is a good level to start lightening up,” he said. The benchmark gauge came within five points of 2,600 for a third day in a row through last week.“The issues we still need to deal with include the fact that we are in the midst of a fairly steep and broad negative earnings revision cycle, and there is significant technical resistance-overhead not far above current prices,” Wilson wrote in a note to clients.“We expect upcoming negative data will prove 2,600 to 2,650 to be a good sale before a proper retest of the December lows,” he said.US stocks weakened as China trade data showed a worse-than-expected slump and Citigroup kicked off the fourth-quarter reporting season with lacklustre results. While Wilson has predicted a 50% probability of S&P 500… Read full this story
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