Now that a “FOMO” rally in the S & P 500 has decisively cleared prior levels that had been roadblocks (4,200 and 4,325), the benchmark U.S. stock index is set to climb into “into the 4500s” and eventually to 4,580, according to Bank of America’s chief equity technical strategist Stephen Suttmeier in a Wednesday report to clients. Part of Suttmeier’s optimism is based on the S & P 500 price chart showing a bullish “cup and handle” formation — the cup is U-shaped and the latest three-day pullback is the handle — which serves to confirm and, perhaps even more importantly, extend the earlier advance. .SPX 1Y mountain S & P 500 performance over past 12 months. “New all-time highs” for the S & P 500 advance-decline line and “a bullish breakout” for the 10-day moving average of new 52-week highs minus 52-week lows reinforce the market’s latest move upward, and price levels that previously served as resistance barriers (4,166-4,200 and 4,300-4,325), now serve investors as support levels instead, the Bank of America chart watcher wrote. “We view the breakout above 4200 on the SPX as a FOMO rally. The net long position for asset managers in SPX e-mini futures shows a sharp increase in recent weeks to suggest that FOMO is catching on with institutional asset managers. Like other sentiment indicators, the rise in the net long position in SPX e-mini futures suggests bullish confirmation with room to run to levels of complacency last seen in mid-2021, early 2020 and early 2018,” Suttmeier said. The only caveat Bank of America offered to its bullish call was that the Nasdaq-100 , Russell 2000 , Dow Jones Industrial Average and NYSE Composite indexes have failed to break above their own resistance points, “which is a tactical risk.” — CNBC’s Michael Bloom contributed reporting.