{"id":35571,"date":"2023-07-14T08:18:19","date_gmt":"2023-07-14T12:18:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-just-reached-another-market-milestone-heres-how-the-sp-500-could-climb-even-higher\/"},"modified":"2023-07-14T08:18:20","modified_gmt":"2023-07-14T12:18:20","slug":"u-s-stocks-just-reached-another-market-milestone-heres-how-the-sp-500-could-climb-even-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35571","title":{"rendered":"U.S. stocks just reached another market milestone. Here\u2019s how the S&P 500 could climb even higher."},"content":{"rendered":"
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The S&P 500 index reached 4,500 on Thursday for the first time in more than 15 months. It\u2019s the latest milestone that has Wall Street\u2019s equity bulls taking a victory lap. <\/p>\n

Ed Yardeni, founder and president of Yardeni Research, correctly anticipated that the S&P 500\u2019s closing low from Oct. 12 would mark a durable bottom. <\/p>\n

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He reaffirmed his year-end target of 4,600 during an email exchange with MarketWatch on Thursday. But if the market gets there early, he could raise his target even higher, a prospect he also discussed during an appearance on Bloomberg TV.<\/p>\n

\u201cMy year-end target has been 4,600 since the start of this year. If it gets there ahead of schedule, I will probably raise my target to 4800 for the end of this year,\u201d he said. <\/p>\n

Right now, it looks like the market will indeed reach his target in the not-too-distant future, according to Julius de Kempenaer, the senior technical analyst at StockCharts.com. He told MarketWatch that he doesn\u2019t expect the market to face much resistance until 4,600. <\/p>\n

Why is he so optimistic? De Kempenaer pointed to signs that the rally in U.S. stocks has broadened dramatically over the past month as cyclical areas of the market, like industrials, materials, consumer discretionary, financials and small-cap stocks have joined megacap technology names in powering the rally. <\/p>\n

As a result, the number of S&P 500
\n SPX,
\n +0.85%<\/bg-quote>
\n stocks trading above their 50-day moving average, a closely watched momentum gauge frequently used by technical analysts, has risen to 83.2% as of Wednesday\u2019s close. That\u2019s up from a low of 16.4% on March 10, according to StockCharts data.<\/p>\n

\u201cThere was a long period of people saying that this was a very fragile market. But that has stopped,\u201d Kempenaer said during a phone interview with MarketWatch. <\/p>\n

\u201cThe fact that this is happening while the Fed is still raising rates makes it even more impressive,\u201d he added.<\/p>\n

Here are a few other notable factoids that illustrate just how far the market has come from the doldrums of last fall. <\/p>\n