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The S&P 500 recently failed to climb above 945 and Thomas Nagel from Equinet said he believes this a trend that will continue over the next couple months. But if the index does successfully break that level, it could continue to shoot up to the 1,170.
“In my opinion, it’s nothing more than a test here,” Nagel told CNBC’s “Squawk Box Europe.”
According to Nagel, the index will continue to fluctuate between 875 and 945 over the coming weeks.
“(The 945 level) is not really easy to break,” he said. “We have a really good chance for consolidation.”
But he also said that once the consolidation is over, the S&P [.SPX
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] must break 945 to resume an upward trend with a "main target of 1,170."
Investors looking for clues about the direction of S&P should look to the Philadelphis semiconductor index, which is a leading indicator for the S&P, Nagel added.
--Watch the full interview with Thomas Nagel above.
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