(Bloomberg) -- The Standard & Poor’s 500 Index may jump 12 percent to the 1,230 level within the next two months, based on Fibonacci calculations, according to a technical analyst at Sweden’s Swedbank AB. “We’ve been in a tight trading range for several weeks now, but I think it is likely we’ll break to the upside and reach the 61.8 percent Fibonacci retracement level at 1,230 in late January or early February,” Stockholm-based Robert Oldstrand said in a phone interview. “I think we’ll see a fairly good first half and maybe a tougher second half to next year.”After surging as much as 64 percent from a 12-year low on March 9, the S&P 500 has been little changed since mid-October amid concern the economy’s recovery from the worst recession in seven decades won’t be sustained.
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