S&P 500 will likely hit 3600 first rather than 4200 - BofA

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By Senad Karaahmetovic

Prepare for the “peak Goldilocks” period, Bank of America analysts told clients. Commenting on the most recent economic data from the U.S. (jobs and inflation), they said that it doesn’t “get more Goldilocks” than having CPI at -0.1% month-over-month and 205k unemployment claims.

The analysts highlight that consensus now looks for 50bps hikes in the first half of this year, followed by 200bps cuts over the next 18 months. They added that S&P 500 looks like it will range between 3600 and 4200 but is “all positioned for 3.6k before 4.2k.”

“S&P500 barometer “so goes January, so goes the year” correct 71% of time since 1929,” the analysts wrote to clients in a note.

As far as flow in a week to Wednesday are concerned, bonds, cash, and stocks attracted inflows of $17.5 billion, $8.3B, and $7.2B.