Posted 12/4/2023, 7:42:00 PM
S&P 500 Faces Major Test at 4,600 Level as Bulls Aim Higher
- The S&P 500 is facing resistance at the 4,600 level, which has stopped prior rallies over the past two years
- Breaking above 4,600 is key for the bull market to continue, with potential to reach 4,725
- Market breadth and participation continue to improve, with over two-thirds of stocks above their 200-day moving average
- The technical backdrop supports an eventual breakout above 4,600, though overbought conditions could lead to consolidation first
- 4,600 remains a "proving ground" for the rally, according to technical analyst Katie Stockton