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Michael Krauss, the firm’s chief technical strategist, said the S&P 500 will fall to 650 points “within days,” a 3.9 percent drop from yesterday’s close. It will then rally for two to three weeks, gaining as much as 18 percent to 765, before dropping to a range of 650 to 600 by May. Technical analysts make predictions based on patterns in price charts and market data.
Krauss expects “a significant percentage rally” in the second half that could lift the benchmark by as much as 67 percent from its bottom to 1,000 by Dec. 31. That would give the index, off to its worst annual start ever following a 25 percent plunge, an 11 percent gain for 2009.
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