The S&P 500 just did something it hasn't done in three decades (via TradingNation)
The stock market is red hot right now.is having its best start to the year in 32 years. On top of that, it has rallied nearly 18% in the past four months, its best monthly streak since December 2010.
"If we see the breakout above that September high, which was right around 2,941 — if that breakout is confirmed meaning we spend more than just a week above it, then we should see long term follow through on the back of that breakout," Fairlead Strategies' Katie Stockton said Tuesday on CNBC'sThe S&P climbed to an intraday record of 2,949.52 on Monday — its first record intraday high since September.
"Breakouts in general do tend to generate some momentum. Obviously the market already has some of that. And I do think with a breakout you get a little bit of a sentiment boost that then manifests itself in expanding breadth, so we should see participation expand with a breakout in the S&P 500, and that could occur to the benefit of the Russell 2000," she said.
"Sentiment really is the biggest headwind," she said. "We have one measure that did reach an overbought territory, or overly bullish territory. We do look at these sentiment measures from a contrarian perspective. When they peak in that range, it tends to take several weeks for a pullback to develop in the major indices that's significant, so that would put us out to early June. And I think that seems fair based on what's going in in absolute terms.
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