Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ If S & P 500 hits this level, it can signal a market peak

If S & P 500 hits this level, it can signal a market peak

Stocks & # 39; record driving has hit a wall over the Independence Day holiday stretch.

S & P 500 and Dow retired for another consecutive trading day Monday following a massive advance in June.

The markets could still have more space to run before they hit their next level of resistance, says Newton Advisors technical analyst Mark Newton.

"We've certainly stretched the upper end of it. But I think we can make a little more progress over the next four to six weeks," Newton said on Friday at CNBC's "Trading Nation." "I'm still bullish at S&P. I think we'll probably come up to 3,040 to 3,070 or so before we set out." the upper end of this range at 3.070. Any movement over 1

996 would mark a full-time height.

Battle sectors that participated in the recent move higher, also give Newton hope that the rally can continue through the summer.

"You look at the finances that are starting to participate. It's a big plus for the stocks that they're almost 13% of the S&P. Health care and transportation have also come back, so it's all encouraging signs. "Newton said. "In the near term, I think it's right to bet on higher prices in July and August before we see any real slowdown," he said.

Mark Tepper, chairman of strategic prosperity partners, said that monetary easing should support the stock market this year, although federal government does not come out as deaf as expected.

"The market was basically expecting a reduction of 50 basis points this month, it would probably be more than 25 basis points, so I think the Fed will cut so the cut is not out of the table. Just be a little smaller, "said Carpets under the same segment.

A strong June job report released Friday temperate expectations for more rates this year. The current chances of a 25 basis point cut at the July meeting are 93%, according to CME Group fed funds futures.

"The market must act side by side and reach throughout the rest of the year, what should you do as an investor? I think it makes sense to have dry powder if you have it. Then identify companies where you really like theirs. Long-term history, you believe in their long-term dissertation and you identify any recalls, and when those shares withdraw, you buy them at entry points that you find attractive, says Carpets.


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