COVID-19 UPDATE: Raising S&P 500 Target to 3,525 (+75 vs prior), reflects epicenter rally to add +150 points upside

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STRATEGY: Epicenter upside = 150 points --> S&P 500 YE Target now 3,525 (+75)
Hovering near all-time highs...
The key level for the S&P 500 is 3,393.52, the Feb highs, and which is also the all-time high (ATH, also, it's a 150-year high, for exaggeration purposes).  This week, the equity market has struggled as we near this key level.  Several times this week, the S&P 500 touched 3,387.89, which is a mere 5 points from an ATH.  From our vantage point, this is just a waiting game.  That is, we believe there are catalysts to support a move well beyond 3,393.52. 

The headwinds that are developing this week are Washington is stumbling on a fiscal package and the impasse does not seem to be improving.  And perhaps to a lesser extent, interest rates are creeping higher and at some point, this will cause investors to be nervous.

- in our view, we believe if the S&P 500 re-attains 3,393.52, we will see a very fast move to >3,500
- this breakout to ATH would validate a new bull market is underway, with themes and drivers related to "move assets back to America"

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Raising YE Target to 3,525 to reflect 150 point upside from epicenter stocks...We are raising our YE t...

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