Most investors think the next big move for the S&P 500 will involve a near 20% drop

Most investors think the next big move for the S&P 500 will involve a near 20% drop

Last week’s first gain in four for stocks has likely emboldened some bulls out there, but investor wariness remains, according to a new survey from Deutsche Bank.

bear side if the stock market can keep up its momentum

When asked what the next move would be for the S&P 500, 74 percent of respondents said 3,300 -- a drop of nearly 18% from Friday's close of 4,067.

This was slightly higher than the 73% estimated at that level in June.

26% of respondents had predicted a 10% increase from 4,500, down from 28% in June.

Meanwhile, less than 10% of those surveyed believe the stock market is in a downtrend, with 58% saying the market will hit its lows for this cycle in 2023 or beyond.

Expected 5% 10-year US Treasury yield rises from 60% to 73%

There seems to be a US recession coming in 2023, and second that the Federal Reserve is doing a better job than the European Central Bank or the Bank of England.