Despite September's correction in the stock market, the long-term technical setup for further upside is intact heading into the November election, according to Bank of America.
Encouraging margin debt data suggests that the current market sell-off is a seasonal correction, and not a long-term top, according to BofA.The September correction in the stock market should be viewed as a seasonal correction, and not as a long-term top, according to Bank of America. Specifically, a completed "cup and handle" pattern suggests the S&P 500 could rise to 3,700, representing potential upside of 12% from Friday's close. Additionally, a longer-term target of 4,300 is also derived from the technical analysis pattern, representing 30% upside from Friday's close.
A cup and handle is a bullish continuation pattern that is best defined as a sell-off in a security, followed by a recovery back to the highs seen prior to the sell-off, followed by a mild correction. From there, the security is set to move higher if it breaks above the handle correction level.
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