The S&P 500 has probably reached its peak for the whole year and could head back down toward 945 points over the coming months, Chris Locke, MD of Oystertrade.com Management, told CNBC.
“I think there’s a good chance we could have topped for this year,” Locke said. “For the S&P we’ll go back down to test levels 945 to 955,” he added.
The S&P 500 powered above the 1,000-point mark earlier in August, on the back of a strong surge that started in early July.
The S&P does have some short-term support around the 980 point level, according to Locke. But September and November are likely to bring a weaker period for the index, he said.
- Watch the full interview with Chris Locke above.
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