1. General Motors shows strong momentum with RSI at 77.9. 2. Goldman Sachs raised GM's price target from $81 to $93. 3. Carvana will join S&P 500 on Dec. 22, price target raised to $420. 4. Carvana's RSI is at 78.6, indicating overbought conditions. 5. Both stocks gained 1.9% recently, appealing to momentum traders.
FAQ
Why Bullish?
Strong upgrades and momentum in consumer discretionary stocks like GM and Carvana suggest growing investor confidence, similar to past instances where upgraded targets corresponded with sustained stock price increases. The S&P 500 often benefits from such consumer sector strengths, particularly in post-recessionary phases.
How important is it?
The combination of stock upgrades and momentum indicators provides actionable insights for investors, likely enhancing overall market sentiment, especially within the consumer discretionary sector of the S&P 500.
Why Short Term?
The upcoming addition of Carvana to the S&P 500 will likely spur immediate buying interest, driving short-term price increases. Historical trends show stocks added to the S&P often experience a surge post-announcement.