Posted 12/28/2023, 4:06:00 PM
S&P 500 Poised to Hit New Record High, Historically Signaling Further Gains Ahead
- The S&P 500 is on the cusp of notching a new all-time high, the first since January 2022
- Hitting a new high after a sideways consolidation period signals further gains ahead historically
- The index has risen a median of 13.4% in the year following breaks of 1+ year highs
- New highs don't necessarily mean the market is overbought and due for a correction
- Confirmation of new highs in the S&P 500 would support the case for additional gains