Chartmaster predicts S&P 500 breakthrough to 5,000 milestone

Will the Stock Market’s Winning Streak Continue in 2024?

Just over two months ago, the S&P 500 was at a breaking point. The index had rallied 9.5% from late October to mid-November but was struggling to surpass the 4,600 level — just like it had failed to do earlier that summer and in the spring of 2022. But David Keller, StockCharts.com’s chief market strategist, was convinced that this time was different, that the S&P 500 could finally top that hurdle for the first time in 18 months. His charts indicated that US stocks were set for a furious end-of-year rally, no matter what naysayers said. After Keller’s call, the S&P 500 rose nearly 6% in six weeks. By the end of the year, over 90% of stocks had exceeded their 50-day moving averages, a telltale sign of extreme optimism. It now seems as if investors got over their skis this winter. The S&P 500 was stuck in purgatory for weeks, barely budging from the 4,769 level at which it entered 2024.