"Get ready for a big August pullback"

17.07.2017 / 20:41

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Wall Street could see a pullback of 3 to 5 percent next month, strategist Katie Stockton said.

"It depends on where support is at the time at which we're looking for that pullback," the chief technical strategist at BTIG said.

"Right now, support for the S&P 500 is around 2,400. That's the previous breakout point," she said

Last July, Stockton predicted the S&P 500 would make a move to 2,400. The index was trading around 2,135 at the time. In May, the S&P closed above 2,400 for the first time ever.

U.S. stocks rose to record levels on Friday. The Dow Jones industrial average and S&P were coming off their 25th record closes of 2017, finishing 21,637 and 2,459 respectively.

After her predicted pullback, Stockton sees the S&P reaching 2,640 in the intermediate term, which she defines as weeks to months.

Source: Bloomberg Pro Terminal

Trader Bozhidar Arabadzhiev

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"Get ready for a big August pullback"

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