Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 17, 2020.The current stock market rally looks "eerily close" to the one starting in 2009, and if the trend continues, the S&P 500 could rally an additional 12% from current levels, according to Datatrek.
The S&P 500 could follow the 2009 playbook and hit 3,763, especially if 2021 earnings estimates continue to rise, Colas said.The 2009 stock market rally from its March 6 bottom looks "eerily close" to the current rally from the March 23 bottom, according to Datatrek. Besides price action, there's one big similarity in the S&P 500 market rallies of 2009 and 2020: earnings expectations. In both years, investors believed in "a powerful rebound in corporate earnings," said Colas.
While the stock market surges off the 2009 and 2020 bottoms look similar, there are some differences under the hood.
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