Morgan Stanley says the market correction that began in June is entering its final stage. Strategists led by Mike Wilson see the S&P 500 nearing a downside target of 7,100 to 7,300 before a likely year-end rally.
Morgan Stanley says the correction is entering its final stage and is now likely setting up for a year-end rally. The bank's view puts the start of the correction in June.
The final phase, in the bank's view, is a narrowing of the S&P 500's breadth. Strategists led by Mike Wilson say this is playing out now as the index gets closer to Morgan Stanley's downside target of 7,100 to 7,300, while breadth sits considerably off its lows.
Source: MarketWatch (snippet-based)
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