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In the meantime, more bullishness could be looming for stocks as the S&P 500 crossed a key technical indicator recently, moving past its 200-day moving average–something not seen since December 3. The S&P 500 was down 6.2 percent to end 2018, but it has since recovered after U.S. equities were roiled by volatility to close the year.
To some technical analysts, breaking through that 200-day moving average paves the way for bigger gains ahead. In December alone, the S&P 500 was down 9 percent, making it the worst December for the index since 1931.
An early sign of bullishness came last week after the S&P 500 broke past the 2,700 level and currently sits at 2,768 as of 11:10 a.m. ET. Other technical analysts are seeing positive signs of more upside to come despite any pullbacks that may come.
“You could get a pull back to 2,550 to 2,600, and that may be all you need,” said Strategas Research technical analyst Todd Sohn. “I do like what I’m seeing. It’s important to remember the S&P is up 17 percent over 32 trading days. It’s a really good run, and I don’t want to stand in front of it, but at some point, it’s going to need to pause for more than two or three days.”
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