Craig Johnson isn't worried.
Despite the tough week that stocks just suffered, the head of Piper Jaffray's technical research group remains bullish.
All we've seen is "some short-term profit-taking as we come into quarter-end," Johnson said, referring to the S&P 500's 2.25 percent drop over the past week. "The primary trend is still up—that has not changed, and it will not until we reverse that trend."
Johnson says the S&P's uptrend is still very much intact, and due to
continue this year, taking the S&P to 2,350 at year-end—14 percent above Friday's close of 2,061.
Despite the tough week that stocks just suffered, the head of Piper Jaffray's technical research group remains bullish.
All we've seen is "some short-term profit-taking as we come into quarter-end," Johnson said, referring to the S&P 500's 2.25 percent drop over the past week. "The primary trend is still up—that has not changed, and it will not until we reverse that trend."
Johnson says the S&P's uptrend is still very much intact, and due to
continue this year, taking the S&P to 2,350 at year-end—14 percent above Friday's close of 2,061.
But with "a lot of support underneath this market," Johnson remains mightily bullish for the time being.
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