Ryan Detrick, Chief Market strategist at Carson Group, predicts the continuation of the recent growth in the stock market due to two strong bullish factors. Firstly, it is a higher than expected corporate profit for the first quarter of this year. To date, 95% of S&P 500 companies have already reported results for the first quarter, and most of them (78%) have exceeded experts' expectations. At the same time, it is expected that their profit on an annualized basis is likely to decrease by 2.2%. However, in any case, this is better than the 6.6% decline that was expected earlier. Detrick called the growth of the 200-day moving average the second factor affecting the dynamics of the stock market. Analysts note that for the S&P 500 index, it begins to grow after a decline since April 2022. The 200-day moving average is a long-term line calculated by averaging the closing price of the S&P 500 over the last 200 trading days. At the moment, this line has moved away from the bottom, which just indicates the likelihood of a continuation of the rally in the stock market. In general, the strategist is quite optimistic about the current growth prospects of the stock market by the end of the year, expecting larger revenues.
