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Ahead of this week’s rally, half of Goldman Sachs institutional clients thought lows hadn’t been reached
By: MarketWatch | April 7, 2020

• Three-quarters say stocks remain in a bear market

Markets may have rallied from the lows of March. But institutional investors are still not convinced.

A poll conducted by Goldman Sachs of its institutional clients, with 1,800 responses, found that 50% believe the lows have not yet been set, and 75% believe equities remain in a bear market. The poll was presented on a podcast made public by the company on April 3, so before the 7% surge on Monday.

While these clients were not totally convinced by the market, some 37% say the S&P will be above 2800 at the end of the year, and two-thirds said above current levels.

Not everyone is as bearish.

The percentage of NYSE-listed stocks above their 200-day moving average is below 10% and as oversold as it was in 2008-09, 1987 and 1974, according to technical analysts at Bank of America.

After the 7% surge on Monday, the S&P 500 SPX, 1.985% is up 19.05% from its 52-week low of 2237.40 on March 23.

Nonetheless, the benchmark is 21% lower from the Feb. 19 peak.

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