The S&P 500 Index rallied on Monday for third straight day. Economists at Morgan Stanley remain bearish and targets 4400 by end-2022.
Bearish on the S&P 500 from a risk-reward standpoint
“We remain bearish on the S&P 500 index from a risk-reward standpoint, particularly after the recent rally.”
“Our year-end base case target of 4400 is 4% below current levels.”