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Can't Stop Me Now: S&P 500 Takes Out 1700, Sets Fresh All-time Highs

Can't Stop Me Now: S&P 500 Takes Out 1700, Sets Fresh All-time Highs

2013-08-01 13:55:00
Christopher Vecchio, CFA, Senior Strategist
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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 US economy is growing faster than expected;

- the monthly NFP report has shown improvement the past few months;

- weekly jobs numbers continue to impress;

- 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

Cant_Stop_Me_Now_SP_500_Takes_Out_1700_Sets_Fresh_All-time_Highs_body_SPX.jpg, Can't Stop Me Now: S&P 500 Takes Out 1700, Sets Fresh All-time Highs

Charts Created using Marketscopeprepared by Christopher Vecchio

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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