Published June 14, 2024
Below is a good overview of the state of the stock market from MarketWatch and Apollo.
“Twenty-nine. That’s how many new records the S&P 500 SPX has registered so far in 2024, having closed at a new peak on Thursday (though lower futures on Friday suggest it may not make 30 this session).
Hopes for interest rate cuts later this year and excitement over AI have helped propel the bull run.
And yet, there are many reasons to be wary right now, say the bears. First, an obvious short-term technical one. The 14-day relative strength index of the Nasdaq 100 NDX, whose big tech constituents have been powering the rally, has moved up to 77.5, well above the overbought threshold of 70. (more…)