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S&P to Hit 1,068; Nasdaq to 'Top' Near 2,200: Charts
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In the extreme short term, the S&P 500 index could reach 1,068, while the Nasdaq could "top" at 2,160 to 2,260 before year end, independent trader Bill McLaren told CNBC on Friday.
In an earlier interview, McLaren called the S&P 500 index to reach 1,035 to 1,050 on September 9 and then correct downwards.
But he told CNBC on Friday that his price objective for the S&P is that it could still reach 1,068 over the next trading session.
"And the probability is that this can bring in a correction," he added.
"If we move past this little time window, then it's going to continue to go up until October 6," he said. There has been no evidence that this upward trend could turn this week, he noted.
"Support continues to come in at high levels and that usually means that we need to exhaust up the buyers and that means that they need to step in here and panic into a little buy," McLaren told CNBC.
"Right now there's a chance we can still see this high in here within the next 5 to 10 points, could be (reached) tonight," McLaren said. "Once this leg exhausts, and it will, we'll get a … correction and then a struggling move up until 2010 to complete the bull trend. Then you can look for a six month sideways movement and then a bear trend (for) 2011/12," he predicted.
McLaren called the Nasdaq one of "the strongest of the indexes." He said he sees 2,160 to 2,260 being a "top" or high for the Nasdaq.
"In May I calculated the price 2,160-2,260 as the high for this bull campaign, I was just absolutely convinced and I still am," he said.
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