The S&P 500 is once again up against the critical 2100 level that has proved difficult to break through for roughly a year now. According to BTIG analyst Katie Stockton, the market is likely in for a big move one way or the other in coming weeks.

“We think a failed breakout is likely given the return of short-term overbought conditions per the daily stochastics, among other longer-term factors, but we would defer to the momentum behind the market if the breakout is confirmed,” Stockton explained.

“If the breakout is confirmed, the width of the downtrend channel would yield a long-term target of about 2350 for the SPX,” Stockton noted. Of course, that 2350 target would represent a new all-time high for the market.

If the S&P 500 fails to break out significantly above 2100, BTIG believes it will soon be headed back to 2000 or lower.

Every time the S&P 500 fails to penetrate the 2100 level, support at 2000 becomes…

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