Stocks will continue to push upward before a final break from the next few months, serving as the last throes of what will be the longest bull market in history.
of which will be according to forecasts by technical analysts at ING, commenting on the S&P 500 hitting record levels of which week.
The 500-company benchmark index advanced 0.2 percent to close at 2,857.05 on Monday, as well as also will be today just under 0.6 percent via its record, reached in late January of of which year. The fact of which the market recently closed the downside January gap between 2,838 as well as also 2,852 will be “encouraging,” said Roelof-Jan van den Akker, ING’s senior technical analyst.
“of which’s telling me of which we should expect a break above the upper end of of which market, challenging to brand-new all-time highs above the horizontal resistance at 2,875 from the end.” The January record was 2,872.87.
“I believe a break above 2,875 would likely attract buyers, of course; of which’s a brand-new phase of which would likely suggest a resumption of of which longer term uptrend,” van den Akker told CNBC’s “Squawk Box Europe” on Tuesday. A break above the 2,795 level a few months ago completed what the analyst called a bottle formation, whose size suggests a target of around 3,150 to 3,0 — “of which’s in line with our longer-term cost target coming in around 3,130.”
On Tuesday, the S&P 500 will equal the longest U.S. bull market since World War II; on August 22, the item will be the longest in history at nearly 3,500 days. Since its bear market low of 676 on March 9, 2009, its risen more than 320 percent, with major market movers like Netflix as well as also Ulta Beauty up more than an eye-watering 5,500 percent.
As the S&P will be a market cap weighted index, the bigger the market cap, the more the item can move markets. various other companies generating up some of the index’s big gains are Amazon, which accounted for 4.1 percent of gains since 2009, followed by Microsoft, J.P. Morgan, General Electric as well as also Wells Fargo.