Economist and macro strategist Henrik Zeberg is forecasting that the S&P 500 index could go up by double-digit percentage points over the coming months.
In an interview on the WTFinance podcast, Zeberg says the markets are primed for an explosive rally over the short term.
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“I think the blow-off top is still going and you see it in various markets around the world… actually [markets] have seen new all-time highs after everybody kind of dismissed that in April, we could see that. Now we are seeing it.”
According to the economist and macro strategist, the S&P 500 index could go up by around 13% from the current level.
“I still think that things will be moving on like what I’ve been expecting in terms of a 6,800 top in the S&P [500] as a minimum.”
As of Tuesday’s market close, the S&P 500 is trading at 6,025 points.
Although Zeberg forecasts rallies in the stock market, he cautions that a recession is likely to follow as the economy shows signs of gradual erosion.
“We’re getting closer and closer [to a recession]. There are more and more signs now that the deterioration is going through. It’s really in the housing market that is the worst in the US. And we’re starting to see some signs as well in the real economy and in the labor market as well.
So I think we will see that things slowly, as always, start to roll over.”
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