Overseer kiole
2023-06-05

Great ariticle, would you like to share it?
@StickyRice：
As the S&P 500 hits a 9-month high, worries remain about the rally's sustainability The S&P 500 (SP500) marched higher on Friday morning, taking the benchmark index to a new 9-month trading high. The latest upswing came after the U.S. Senate passed the debt ceiling compromise and the latest jobs data hit the market. Shares of the S&P 500 touched 4,267 early in the session, which marked the index’s highest trading point dating back to August 18, 2022. Still, worries remain about the sustainability of the rally amid narrow participation and some technical headwinds. Looking at a longer-term weekly chart of the S&P 500, multiple technical indicators are suggesting that the index is stretched to the upside. Currently the S&P 500 sits well within the overbought state when looking at stochastics. On this front, the index hovers near the 99 level, noticeably higher than the traditional overbought level of 80. The S&P 500’s advance so far in 2023 has also lent support to its tracking exchange traded funds, which are all at 9-month highs as well. These ETFs include the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), Vanguard S&P 500 ETF (NYSEARCA:VOO) and the iShares Core S&P 500 ETF (NYSEARCA:IVV), which have each gained just under 11% on the year.
As the S&P 500 hits a 9-month high, worries remain about the rally's sustainability The S&P 500 (SP500) marched higher on Friday morning, taking the benchmark index to a new 9-month trading high. The latest upswing came after the U.S. Senate passed the debt ceiling compromise and the latest jobs data hit the market. Shares of the S&P 500 touched 4,267 early in the session, which marked the index’s highest trading point dating back to August 18, 2022. Still, worries remain about the sustainability of the rally amid narrow participation and some technical headwinds. Looking at a longer-term weekly chart of the S&P 500, multiple technical indicators are suggesting that the index is stretched to the upside. Currently the S&P 500 sits well within the overbought state when looking at stochastics. On this front, the index hovers near the 99 level, noticeably higher than the traditional overbought level of 80. The S&P 500’s advance so far in 2023 has also lent support to its tracking exchange traded funds, which are all at 9-month highs as well. These ETFs include the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), Vanguard S&P 500 ETF (NYSEARCA:VOO) and the iShares Core S&P 500 ETF (NYSEARCA:IVV), which have each gained just under 11% on the year.

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