Based on market technicals, stocks may see a few weeks of weak price movement before resuming their uptrend, according to Mark Arbeter, chief technical strategist at S&P.
“The short-term charts are suggesting that we may go down and retest the 1,329 level on the S&P—and possibly 1,323—before resuming the uptrend,” Arbeter told CNBC.
Arbeter said once the uptrend happens, the S&P could potentially trade near the 1,440 level over the next few quarters.
Meanwhile, Arbeter said he expects the weaker dollar to be bullish for commodities into the middle or end of May.
“Gold might make another new high, but I don’t think oil or silver will at this point.”
(Meanwhile, Michael McGervey of McGervey Wealth Management sees the S&P at 1,400-1,430 by the end of May. Click to read more.)
Scorecard—What He Said:
- Arbeter's Previous Appearance on CNBC (Jan. 25, 2011)
- McGervey's Previous Appearance on CNBC (Feb. 22, 2011)
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McGervey, family and firm own shares of UTHR, TPX or NTES.
No immediate information was available for Arbeter or his firm.