Analyst sets date when S&P 500 will hit 7,150

Although some analysts warn that the S&P 500 might face a correction, technical indicators suggest the index still has room to climb above the 7,000 level.

In an analysis posted on TradingView on November 11, TradingShot noted that the benchmark index recently bounced off its one-day moving average, a key support level, after a brief pullback, signaling the start of a new bullish leg within its six-month ascending channel.

After briefly retreating, the index found support near 6,730 at its one-day moving average (MA), signaling renewed bullish momentum. The recovery pushed prices above the four-hour MA50, confirming a potential continuation of the six-month ascending channel.

Notably, each rebound from the 1D MA50 over the past six months has triggered strong upward extensions, often completing a 2.5 Fibonacci leg higher. The current pattern mirrors that behavior, projecting a move toward the 2.5 Fibonacci extension level at 7,150, which aligns with the upper boundary of the channel.

At the same time, the Relative Strength Index (RSI) is forming higher lows—similar to patterns seen in August and October—both of which preceded sustained rallies.

As long as the index holds above the 1D MA50 and stays within its rising channel, a steady climb through November into early December is likely. With the MA200 near 6,600 providing long-term support, the S&P 500 could complete its next leg higher and reach 7,150 by year-end.

Wall Street bullish on S&P 500

Meanwhile, this outlook aligns with projections from Wall Street. Deutsche Bank now sees the index hitting 7,000 by year-end 2025, up from its June target of 6,550, while Barclays raised its outlook to 6,450. Citigroup followed suit in August, boosting its target to 6,600, citing fiscal tailwinds.

Earlier, Goldman Sachs and Morgan Stanley projected 6,500 by late 2025, while Bank of America expects roughly 7,200 over the next 12 months.

Featured image via Shutterstock