As the anniversary of the S&P 500's high mark approaches, the benchmark U.S. stock index's latest rally has stalled and failed to breach a key level, prompting some calls for sell-offs, at least in the short term.
The rally, which started in mid-February and fizzled in late April, took the S&P 500 just shy of its record close set May 21, 2015. The index trades at nearly 17 times the estimated earnings of its components over the next year - still as expensive as at its peak and in the two attempts since to breach it.
The latest rally was driven by more companies than a year ago, something viewed as a positive by both market technicians and those who deal with fundamentals. It was not, however, enough to catapult the S&P to new highs.
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The rally, which started in mid-February and fizzled in late April, took the S&P 500 just shy of its record close set May 21, 2015. The index trades at nearly 17 times the estimated earnings of its components over the next year - still as expensive as at its peak and in the two attempts since to breach it.
The latest rally was driven by more companies than a year ago, something viewed as a positive by both market technicians and those who deal with fundamentals. It was not, however, enough to catapult the S&P to new highs.
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