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In January 2016, there were no shortage of forecasts and predictions about where the U.S. equity markets were headed. However, the situation is wildly different this year as analysts struggle to make sense of how the markets are likely to fare under Trump’s presidency. Of course, anybody can predict that the market will be bullish or bearish, but market analysts can’t make wild guesses because they’ll be putting their names on the line with any market prediction.

One of the reasons analysts are struggling to drop forecasts for the performance of the financial markets in 2017 is that the markets seemed to develop a mind of its own in the last few months of 2016. In the build up to last year’s U.S. presidential elections, analysts had mostly predicted that a surprise Trump win could trigger an unprecedented level of uncertainty in the market thereby leading to a crash in the equities market.

However, Trump won the election yet the markets did not crash. In contrast, the Dow went on to record new highs in the couple of months after the election. Hence, analysts are adopting a cautious stance toward making market predictions for 2017. This article explores some of the 2017 market predictions from top analysts on Wall Street.

Here’s How Analysts Think the S&P 500 Will Fare in 2017

On Monday January 9, the S&P 500 ended the session with a 0.35% decline at 2,268.90 in contrast to its closing price of 2,281.00 closing on January 6. One of the popular sayings on Wall Street posits that “as January goes, goes the rest of the year” hence, it is not surprising that analysts expect moves in the S&P 500 to be muted this year.

Veteran Wall Street analyst, Savita Subramanian of Bank of America’s Merill Lynch is faintly bullish on the markets this year. She expects the S&P 500 to end the year at 2300, which is a mere 0.83% higher than last week’s closing price. Last year, she voiced strong bullish sentiments forecasting that the S&P 500 will end 2016 at 2,100.

Thomas Lee, head of research at Fundstrat says he expects the S&P 500 to end 2017 at 2,275 – a prediction that doesn’t stick his neck out with the bulls nor the bears. Lee’s cautious prediction contrasts sharply with his highly optimistic bullish forecast from last year in which he expected the S&P 500 to end 2016 at 2,225.

It is somewhat weird that two analysts who had been hugely bullish on the prospects of the S&P 500 in 2016 are opting to err on the side of caution this year. Their cautious forecasts suggests that analysts expect Wall Street to be bedeviled by a great degree of uncertainty.Tony Dwyer, a stock strategist at Canaccord Genuity also shares the same cautious outlook. In his words, “The broad equity market and leadership sectors are due for a pause in the upside over coming weeks as investors grapple with improved economic data, fear of higher interest rates, a less dovish Fed, and buying exhaustion.”

Jason Goepfert, president and chief executive of Sundial Capital Research also notes that it could be hard to deduce the direction of the markets because Trump’s victory and the resultant gains in equities reveal massive defects in American groupthink. In his words, “Basically, ‘everyone’ is thinking that stocks are going to go up a little bit next year… For those of us trying to use the data to gauge sentiment, the biggest worry is that group-think is rampant and that could help flame panic (up or down).”