Chart of the Day - Monday, July 10, 2023

Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). The chart on the bottom is making its rounds, as Bloomberg points out that Wall Street strategists are extremely spit right now. The gap between the highest and lowest year-end targets for the S&P 500 is the widest in decades. Mark overlaid a chart of the S&P 500, highlighting that confusion on Wall Street isn't exactly bearish. If anything, this sort of disparity among analysts has historically been observed after a major cyclical low as the market transitions from bearish to bullish. Perhaps the real concern is when they all agree!....(see 2007 and 2015)