(Bloomberg) -- The Standard & Poor’s 500 Index is poised to drop as much as 19 percent next year after extending its rally into January, according to an analyst at ING Groep NV who uses horizontal resistance levels to predict future moves. “Stock markets are improving and we are getting more and more confirmation that prices are in the middle of an end-of- year rally that may take the S&P 500 to 1,175,” which is derived from historical top and bottom levels, Amsterdam-based Roelof-Jan van den Akker said by phone today. The technical analyst said there’s not much room for further gains above that level. “Since reaching the lowest point in March we haven’t had any new meaningful bottoms,” he added.
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