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Oppenheimer’s “OPCO Bullish Composite” reached excessive optimism levels, according to its analysts.
They said the optimism recorded “is being outweighed by bullish momentum, bullish seasonals, bullish leadership, and a general lack of evidence of a major market top.”
The OPCO Bullish Composite ticker, which combines four popular surveys on investor sentiment, has surpassed the “optimistic” threshold at 80%, indicating that investor optimism has become “excessive.”
“High levels of optimism can linger through a maturing advance and become an increasing concern, from a contrarian basis, when optimism can no longer be justified by market positives elsewhere,” Analyst Ari H. Wald wrote.
Analysts see a 5,260 support for the S&P 500 (SP500) at the 50-day average, “and little identifiable resistance” but a 6,000 price target “would be fair value for an average bull cycle, in our view.”
In addition, analysts said that June through August is typically the strongest three-month stretch of a first-term election, dating back to 1929.
These are additions to Oppenheimer’s OPCO Trifecta list, which are outperform-rated stocks that rate highly in the analysts’ work:
- Republic Services (RSG)
- Knife River Corp. (KNF)
- Meta Platforms (META)
- NerdWallet Inc. (NRDS)
- Guidewire Software (GWRE)
- Apple Inc. (AAPL)
- S&P Global Inc. (SPGI)