S&P 500 Approaching All Time Highs and the US Stocks Watchlist – 1 January 2024
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The S&P 500 closed higher for a ninth week in row at 4769.83, to end 2023 just under its all time highs of 4818.62, which was set in the first week of 2022.
With the recent strength from the October swing low, it has risen +16.23% with a Lockout Rally and made a Stage 2 continuation breakout in the process. However, it's now at a pivotal point of testing the early 2022 highs, with many stocks fairly extended on a short-term basis. But in a healthier position from an intermediate to longer term perspective than they have been for much of the last two years (see recent market breadth posts). So a pullback or consolidation period would be healthy. But with the New Year often comes rotation, as the institutional traders start to reposition for the year ahead, so its important to take note of the stocks and groups that the volume is flowing into in early January, as well as tracking relative strength for signs of any new leaders or group themes emerging.
Happy New Year
Watchlist Stocks
There were 18 stocks highlighted from the US stocks watchlist scans today
AAPL, TSLA, SNOW + 15 more...
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.