· The S&P 500 posted a six-month winning streak between April and September, strongly recovering from a correction seen in February and March and overcoming fears of a trade war. This marks only the sixth time since 1928 such a streak took place between April and September, according to Bespoke Investment Group.
These streaks have typically preceded strong returns for investors heading into year-end. Data compiled by Bespoke show the S&P 500 averages a fourth-quarter gain of 9.2 percent when it notches a six-month winning streak between April and September, above the 8.2 percent median gain.
The S&P 500 came into Monday's session having risen about 11 percent over the past six months and 9.5 percent year to date. The index also hit an all-time high on Sept. 21.
· S&P 500 Price Forecast – S&P 500 celebrates Canadian Deal
The S&P 500 has rallied significantly during the trading session on Monday in response to the Canadians and Americans agreeing to terms on the new trader to deal between the US, Canada, and Mexico
Ultimately, this is a market that I think is a “buy on the dips” scenario, but we do have a certain amount of resistance above at the 2950 handle in the futures market. Once we break above there, the market will then start to look at the possibility of 3000, which has been my target for some time. That doesn’t mean that it’s going to be easy, and that doesn’t mean that it’s going to happen in the short term. I believe that by the end of the year we will be looking at 3000 being printed though, and I also believe that the 2900 level is now the “floor” of the market in general. With that in mind, I’m a buyer of dips, and certainly have no interest in shorting this market anytime soon. If we did break down below the 2900 level, at that point I might be convinced to start selling.
· European stocks opened lower Tuesday morning, after a market rally following a new North American Free Trade Agreement (NAFTA) faded.
The pan-European Stoxx 600 was down around 0.4 percent shortly after the opening bell, with all sectors and major bourses in negative territory.
· Asian stocks fell on Tuesday as the lift from an agreement that saved the North American free trade deal faded, with cautious views on the global economy curbing risk sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 percent after a steady start.
· Japan’s Nikkei edged up to a fresh 27-year high on Tuesday, building on recent strength thanks to upbeat earnings hopes, while Ono Pharmaceutical surged on news that a Nobel Prize was awarded to researchers for a cancer-fighting method used in its drug Opdivo.
The Nikkei share average ended 0.1 percent higher at 24,270.62, hovering at levels not seen since November 1991.
Reference: Reuters, CNBC
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