I take that to mean 4-5% more upside. One target might be the election day highs, 9625 on the Dow, 1005 on the S&P. Neither of those numbers are very strong, by Nov. 6 the DJI had backed off 930 points, the S&P was back to 904. With the DJIA at 8845 and the S&P at 950, not a lot more to go....Here's the chart and commentary from Bespoke Investment Group:
While a lot of attention is being focused on the S&P 500's move above 1,000, most chartists are probably focused on 1,005. As shown below, the S&P 500 failed twice to rally above this level back in October and November of last year. If the index manages to meaningfully break above 1,005, there is little in the way of resistance for the next 95 S&P 500 points.