The good times on Wall Street could be just beginning according to a reliable and rare market indicator. When this happens, the S & P 500 averages a 23.3% gain over the following 12 months and is up 100% of the time, history shows. The gauge — a ratio developed by legendary investor Marty Zweig — is used to determine market momentum, particularly the start of a potential move higher. This buy signal came as the S & P 500 wrapped up its biggest weekly gain of the year. Detrick thinks the S & P 500 can end 2023 between 4,600 and 4,700.

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Persons: Zweig, Ryan Detrick, Marty Zweig —, Detrick Organizations: Carson Group, New York Stock Exchange, CNBC Locations: New, —, Friday's