that will eventually serve as the high-water mark for the ongoing rally in stocks, according to Bank of America Chief Investment Strategist Michael Hartnett.
The 3,600 level on Hartnett's radar is the upper end of a 3,300-3,600 band he had expected the S&P 500 to trade in between August and January 2021. And so far, hisTo understand why he's expecting a top in stocks, it's worth walking through the reasons he highlights for why the market will continue ascending in its "final melt-up."
Last — and certainly not least — the final melt up will be driven by a Federal Reserve that is supporting the market in an unprecedented manner. Its monetary support, combined with the fiscal dose, has yielded $21 trillion in stimulus this year. Hartnett says this amount represents a peak in easy financial conditions, as stimulus of this magnitude will simply not be repeated next year.
The question now is, what happens when stocks reach the cliff's edge, which Hartnett pinpoints at 3,600 for the S&P 500? Look no further than the bond market.
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