S&P 500 Eyes 10% Upside as Manager Backs Buys, JPMorgan Urges Dip Buying

Nancy Tengler forecasts roughly 10% upside for the S&P 500 at record highs, spotlighting top stocks amid sustained bullish momentum. JPMorgan sparked the outlook on April 21 by raising its year-end target to 7,600 (from 7,200) on AI capex surging 58% to $775B and EPS to $330 (+22% YoY), with blue-sky potential to 8,000. Despite overbought signals post-April 23 highs, strategists on April 27 urged buying dips above 6,900-7,000 support versus 7,100-7,300 resistance, citing 20% 2026 EPS growth, ~4% inflation, and Fed rates at 3.75%—far better than 2022 conditions—expecting broader rally beyond tech.