BAML Says Trump Rally Has Room To Run, Pegs 2450 S&P 500 Target

The stock market is on a Trump rally high and the thundering herd may have to go further, a Bank of America Merrill Lynch technical analysis report stated.  Gold could melt up, which might put the US dollar in jeopardy all while the British pound, which recovered after Brexit, might stage a similar mean reversion on a longer term time horizon.

The Trump rally technical bull case

The S&P 500 has had a runway move higher and could hit a record 2450 target, BAML’s technical team of Stephen Suttmeier and Paul Ciana noted in a February 23 “cross asset technical analysis guide to global markets.”

Suttmeier and Ciana point to numerous indicators – Dow Theory,...