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<p class="has-drop-cap">The S&amp;P 500 has rallied nearly 10% in November as improving macroeconomic conditions significantly boosted the market sentiment. At its current level, the index is about <a aria-label="2% short (opens in a new tab)" href="https://www.reuters.com/markets/us/futures-edge-higher-microsoft-shines-2023-11-20/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">2% short</a> of its 2023 intraday high, and about 6.7% apart from its all-time intraday peak.&nbsp;&nbsp;</p> 
<h3 id="sp-500-2-short-of-2023-intraday-high">S&amp;P 500 2% Short of 2023 Intraday High</h3> 
<p>US equities have been on a red-hot winning streak in November, pushing the benchmark S&amp;P 500 above the 4,500 level for the first time in two months.</p> 
<p>Since hitting nearly 4,100 in late October, the broader stock market index staged a remarkable rally of roughly 10%, partly propelled by largely positive earnings among Big Tech companies and easing macroeconomic pressures. The S&amp;P 500 is currently sitting at 4,514, just 2.1% short of 4,607 – its intraday high for the year.&nbsp;</p> 
<p>Amidst the November rally, the S&amp;P 500 surged above key resistance levels and is yet to show a sign of a slowdown. The next barrier lies at 4,520, which previously restricted the index’s gains.&nbsp;</p> 
<p>However, clearing this obstacle would pave the way for the S&amp;P 500 to easily reclaim its intraday 2023 high and go for the all-time intraday high of 4,818.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“The setup is there to make a run at that peak. There’s too much momentum, too much fear of missing out.”</p> <cite>– Freedom Capital Markets’ chief global strategist Jay Woods said. </cite>
</blockquote> 
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<h3 id="sp-500-near-term-outlook">S&amp;P 500 Near-Term Outlook</h3> 
<p>The fact that the market hasn’t witnessed a sell-off after recent gains indicates that optimism among investors to continue buying stocks persists.&nbsp;</p> 
<p>The near-term outlook for the S&amp;P 500 to continue its upward trajectory depends on a combination of factors. The latest batch of data showed that the US economy is finally slowing down, pushing Treasury yields down from their multi-year highs. However, analysts said yields must remain where they are or retreat further for the index to continue its uptrend.</p> 
<p>The landscape has become more favorable for stocks and other risk assets as <a href="https://tokenist.com/dollar-index-plummets-stocks-soar-as-inflation-cools-faster-than-expected/" rel="dofollow" class="deco-link">consumer price index</a> (CPI) and <a href="https://tokenist.com/treasury-yields-drop-as-jobless-claims-grow-faster-than-expected/" rel="dofollow" class="deco-link">jobless claims reports</a> showed that interest rates are restricting the growth of the US economy. This, in turn, led to growing convictions that the Federal Reserve would impose no additional rate hikes, <a href="https://tokenist.com/70-of-the-stock-market-gains-this-year-come-from-the-magnificent-seven/" rel="dofollow" class="deco-link">bringing a fresh wave of optimism into the markets</a>.</p> 
<p>Additionally, US stocks should receive a seasonality boost, too, with the market averaging 1.5% in December since 1950.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em><strong>Where do you think the S&amp;P 500 index will stand at the end of 2024? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/after-novembers-rally-the-spx-is-only-2-below-its-2023-intraday-high/">After November’s Rally, SPX is Only 2% Below its 2023 Intraday High</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

After November’s Rally, SPX is Only 2% Below its 2023 Intraday High

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