LIVE MARKETS-S&P 500 within striking distance of its record highs

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S&P 500 WITHIN STRIKING DISTANCE OF ITS RECORD HIGHS

Last week, the S&P 500 .SPX scored its biggest weekly gain since May. With this, the benchmark index has risen seven months in a row. So far in the first week of December, the benchmark index is roughly flat for the month.

In any event, traders are taking note that the S&P 500 is now within striking distance of its r ecord highs.

The SPX last rose seven straight months in August 2021. It last rose more than seven months in a row with a 10-AImonth winning streak that ended in January 2018.

With recent strength, the S&P 500 is now down the least from its record highs of any of the three main indexes. It ended Wednesday at 6,849.72, putting it down just 0.6% from its 6,890.89 October 28 record close and down 1.02% from its 6,920.34 October 29 record intraday high. (The Dow .DJI is down 0.77% from its record close, while the Nasdaq .IXIC is off 2.11% from its record finish).

E-mini-S&P 500 futures EScv1 are little changed in premarket trading on Thursday. Nevertheless, with SPX historical volatility on an hourly basis having hit a multi-month low on Tuesday of this week, the benchmark index appears ripe for intraday fireworks.

An SPX thrust above the 6,869.91 November 12 high should clear the way for the index to challenge its record highs.

Additional resistance is at a weekly Gann Line, which capped strength in late 2024 and essentially again this past October. This line resides around 6,935 this week. The 7,000 psychological level is another hurdle.

On weakness, the November 26 gap requires a fall to 6,776.40 for a fill.

The rising 50-day moving average (DMA) ended Wednesday at about 6,735. The rising 100-DMA, which contained the weakness into the mid-November lows, finished Wednesday just over 6,585.

(Terence Gabriel)

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