After November’s Rally, SPX Is Only 2% Below Its 2023 Intraday High

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 SPX is well-positioned to continue its November rally and reclaim its 2023 heights amid improving macro circumstances.The S&P 500 has rallied nearly 10% in November as improving macroeconomic conditions significantly boosted the market sentiment. At its current level, the index is about 2% short of its 2023 intraday high, and about 6.7% apart from its all-time intraday peak.  
 S&P 500 2% Short of 2023 Intraday HighUS equities have been on a red-hot winning streak in November, pushing the benchmark S&P 500 above the 4,500 level for the first time in two months.Since hitting nearly 4,100 in late October, the broader stock market index staged a remarkable rally of roughly 10%, partly propelled by largely positive earnings among Big Tech companies and easing macroeconomic pressures. The S&P 500 is currently sitting at 4,514, just 2.1% short of 4,607 – its intraday high for the year. Amidst the November rally, the S&P 500 surged above key resistance levels and is yet to show a sign of a slowdown. The next barrier lies at 4,520, which previously restricted the index’s gains. However, clearing this obstacle would pave the way for the S&P 500 to easily reclaim its intraday 2023 high and go for the all-time intraday high of 4,818. 

“The setup is there to make a run at that peak. There’s too much momentum, too much fear of missing out.”

– Freedom Capital Markets’ chief global strategist Jay Woods said.

S&P 500 Near-Term Outlook
The fact that the market hasn’t witnessed a sell-off after recent gains indicates that optimism among investors to continue buying stocks persists. The near-term outlook for the S&P 500 to continue its upward trajectory depends on a combination of factors. The latest batch of data showed that the US economy is finally slowing down, pushing Treasury yields down from their multi-year highs. However, analysts said yields must remain where they are or retreat further for the index to continue its uptrend.The landscape has become more favorable for stocks and other risk assets as consumer price index (CPI) and jobless claims reports showed that interest rates are restricting the growth of the US economy. This, in turn, led to growing convictions that the Federal Reserve would impose no additional rate hikes, bringing a fresh wave of optimism into the markets.Additionally, US stocks should receive a seasonality boost, too, with the market averaging 1.5% in December since 1950. More By This Author:Microsoft Gains In Premarket After OpenAI’s Ex-CEO Joins To Lead New Research Team No. Of Sustainability Linked Loans Issued Fell 80% YoY As ESG Sentiment SoursChinese Stocks Drop As Alibaba Rethinks Cloud Strategy Amid U.S. Chip Limits


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