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Jim Cramer agrees with BofA’s bullish S&P 500 prediction

Jim Cramer agrees with BofA’s bullish S&P 500 prediction
Elmaz Sabovic

Following a challenging period, the S&P 500 has experienced a positive shift, recording a notable 7.62% gain in the last month. This marks its most substantial monthly increase since July 2022, which capped off a significant year-to-date increase of 18.67%.

One person who shared his thoughts on the latest market developments is Jim Cramer, widely acknowledged for his dynamic persona and outspoken views on stocks and cryptocurrencies.

Following the announcement from the strategists employed by Bank of America that they see the S&P 500 closing at 5,000 in 2024, Cramer said that:

“Broadly speaking, I actually agree with Savita Subramanian at Bank of America that we could go to 5000 on the S&P,” he said. “But other than sentiment being way too negative, I’m non-committal about what could get us there, at least for now.”

Twitter users pessimistic on the Index outlook for 2024

In what seems to become a popular inverse trend, Cramer’s comments have sparked bearish comments against the S&P 500 online.

“We’re doomed; to 4000 we go,” wrote one X user.

Similarly, another user commented, “alright, guess I’m selling everything tomorrow.” 

His most notable recent misjudgments include Bitcoin (BTC), Nvidia (NASDAQ: NVIDIA), and Tesla (NASDAQ: TESLA). This led many investors to employ an “inverse Cramer” strategy based on doing the opposite of the Mad Money host’s suggestions.

S&P 500 performance analysis

At the time of press, the S&P 500 is at 4,538, about 5.5% below its all-time peak of 4,797 in January 2022. This comes after the -0.20% decrease in the previous day, contrary to the 0.73% gain made over the last five trading sessions and the rise of 7.62% in the previous month.

S&P 500 30-day performance chart.  Source: Google Finance
S&P 500 30-day performance chart. Source: Google Finance

Significantly, the index fund, frequently employed as a gauge for the broader stock market and economy, has recently shown remarkable performance. It has surged nearly 19% in 2023 thus far and achieved an eight-day winning streak earlier this month, with daily gains.

These performances indicate that Cramer might be right this time, agreeing with the bullish outlook of Bank of America’s 5,000 goal for the S&P 500 by the end of 2024.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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