.SPX YTD mountain S & P 500 this year Yet with it all, the S & P 500 managed three closes in a week above the 4200 level deemed by most to be the top of its range, before jumping 1.5% Friday to finish at 4282 – just half a percent below its August peak closing value.
S & P 500 poised to break out The trip to 4300 today comes under quite different, and less malign, conditions.
Back then there was still nearly 300 basis points of Fed tightening ahead of us and earnings forecasts were dropping fast.
Even at the August stock-index highs, the CBOE S & P 500 Volatility Index was scarcely able to drop below 20 – typically a floor during bear markets.
In the near term, the S & P 500 looks a bit stretched, the index pushing well above its trend channel – a sign both of respectable strength and temporary overheating.
Persons:
–, Jerome Powell, Russell, Jeff DeGraaf, it's, Let's
Organizations:
Federal, Treasury, Fed, Renaissance Macro
Locations:
U.S