The S&P is trading at new highs in 2023
As the market nears closing for the week, month, and quarter, the S&P today extends to new highs for the year. The price extended above the June 16 high of 4448.47 to the intraday high of 4456.72. The current price is trading at 4452.22.
Technically, the low for this month came on June 1 (the first day of the month) at 4,171.64. This low was above the 50% midpoint of the move down from the all-time high in January 2022. The price closed above the 61.8% retracement level of June 12 at 4311.69, and has remained above this level since that day.
The next target on the daily chart is bullish at 4512.94. This corresponds to the high price going back to April 21, 2022. That’s just 1.5% off. The direct alternative from March 29th at 4,637.30 is 4.09%.
This month, the S&P rose 6.56%, the largest gain since October 2022. For the quarter, the index is now up 8.39%, the largest increase since the fourth quarter of 2021.