BofA: S&P 500 is forming a bullish flag during consolidation, long-term target remains above 8,000 points.

Zhito Finance APP has learned that Bank of America technical analysts remain bullish on the long-term rally, believing the S&P 500 Index is likely to rise above 8,000 points, even as a series of recent market and macroeconomic headwinds test investor confidence. After breaking out of a weekly pennant pattern in early August, the benchmark index has successfully reached Bank of America's previously set one-year target of 7,741 points. Technical strategist Paul Ciana noted in a client report that as long as the index holds the key support level of 7,500 points, the broader uptrend remains intact; as of press time, the index is around 7,620 points.