that the index could tumble all the way to 3,200 — a scenario that he now believes is getting less and less likely.Where stocks are headed next, according to the chartsBased on his charts, Keller's hunch is that the S&P 500 is near the lower end of a longer-term uptrend. He's encouraged by the higher highs and higher lows the index has made in the last few months.
If the S&P 500 can get back above the crucial technical support level of 4,100 and hold it, which it failed to do in the first half of February, then Keller said the index could break through to 4,300 as new buyers come back into the market. "I think the challenge to this market is, we're one bad inflation headline — or good inflation headline, really — or one more hawkish comment away from that shocking things to the downside pretty quickly," Keller said.
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