Can't Stop Me Now: S&P 500 Takes Out 1700, Sets Fresh All-time Highs
THE TAKEAWAY: The US economy is improving and the Federal Reserve continues to propel QE3 at $85B/month > Sustained risk-appetite pushes S&P 500 to fresh all-time highs above 1700
The S&P 500 has broken above the psychologically significant 1700 level today for the first time ever, underscoring what has been one of the strongest bull markets in history (since the March 2009 low). This impressive advance comes on the back of several important points.
- the monthly NFP report has shown improvement the past few months;
- and the Federal Reserve is maintaining its unprecedented QE3 easing program.
What do these factors add up to? An impressive +19.36% in 2013 thus far; and a massive +155.30% off of the 2009 lows.
S&P 500 (Futures Fair Value) Daily Chart: August 1, 2013
Charts Created using Marketscope – prepared by Christopher Vecchio
--- Written by Christopher Vecchio, Currency Analyst
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