US shares had a little bit of a hiccup on Wednesday however recovered some poise in halving that drop in buying and selling yesterday. As such, this places Wall Avenue on target for eight straight weeks of positive factors. That may match the longest streak since 2017 and if my data are proper, you need to go all the way in which again to 2004 to see a stretch of 9 straight weeks of positive factors for the S&P 500.
That being stated, it’s a little bit of a buzzkill that this run of positive factors is coming as we’re heading into the vacation season in markets. Will that take the wind out of the market’s sail come the brand new yr? That’s onerous to say, particularly since we have already priced in a substantial quantity of charge cuts and we’re approaching a technical prime within the S&P 500:
S&P 500 weekly chart
The Dow is already buying and selling at document highs however tech shares have but to totally joined in on the passion. The Nasdaq itself remains to be some 8.3% away from its personal document excessive and that’s maintaining the S&P 500 simply barely making a breakout of its personal for now.
US futures are pointing barely decrease thus far at present however until the promoting picks up later, Wall Avenue might look to make it 8 for 8 forward of the vacations and tee up a possible breakaway run to begin the brand new yr.
