S&P 500 : Soaring to a record-high

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04/24/2019 | 03:57 pm
Wall Streetís major index, like a speed climber, has just toped its historical record. Adjectives are lacking to define the progression slope from the lowest levels at the end of December: 580 points gained over the last four months. The infernal pace led by the buyer consensus could nevertheless begin to run out of steam.
The winning stocks produce impressive figures, including +73% for Xerox and +71% for Coty. Even highly controversial titles in 2018 performed significantly, such as Facebook, which grew by 40%. The new economy is still shining brightly and this is confirmed by the ranking because less than 10% of the S&P500 components show red over the reference period.

Graphically, in daily data, investors have known only one meaning for the past four months. The moving averages remain very bullish and serve as support for any graphic declines. The technical thresholds were easily crossed, the last one at 2930 points. It would take a return below 2900 points to detect the first signs of weakening of the current movement.

Patrick Rejaunier
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