Year-End Run Past 6,000 a 'Huge Possibility' for S&P 500
Low volatility and money flows so far this month, but the big index stands tall.
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It is hard to fault the S&P 500 for taking a bit of a rest following a strong month of November. It seems like so long ago but the stock market was up huge last month. Remember the Russell 2K higher by 10%? Well, we now see that index in modest correction territory, volatility is elevated for small caps. Now, that does not mean stocks have to go down but the range is expanding and makes investors/traders uncomfortable. The S&P 500 for it's part is still sporting a modest gain for the month.
Seasonal trends are about to take over. What does that mean? Sentiment is how people feel, and if the idea that markets "always" rally during the last month of the year holds true, we could expect a slew of money flows into the stock market over these last eleven trading sessions.
The indicators are mostly unchanged but we did add a trendline in the top pane to connect higher lows. With this resilient market any test of that trendline is likely to be an indication to buy up the market. If so, a run to 6,100 and possibly 6,200 toward the end of the year is a huge possibility for the '500.
At the time of publication, Lang had no positions in any securities mentioned.
