The market's new highs show the historic bull market that began in 2009 is resuming its climb, technical analysts say.
Technical analysts pointed to the S&P 500's move above the key 3,000 mark, as well as the breadth of strength within the market, for the optimism.
People with umbrellas pass by bull and bear outside Frankfurt's stock exchange during heavy rain in Frankfurt, Germany, November 20, 2017.The stock market's surge to new highs on Monday shows the historic bull market that began in 2009 is resuming its climb and should be viewed as a green light for investors over the next few months, according to Wall Street's chart analysts.
"We see no negative divergences to suggest this is a final push higher. Rather, we would see a breakout as an extension of the year-to-date uptrend and, in turn, an extension of the bull market that began in 2009," she added. We "continue to view the market cycle as being a normal pause in an ongoing secular bull market similar to what developed in 2016, 2011 and the 'cycle' pullbacks that developed during the secular bull markets in the 50s-60s and 80s-90s," he wrote.
"The technical backdrop improved last week as the SPX finally distanced itself from the magnetic 3,000-point level. A close above 3,026 will validate a record high breakout and likely open the door to a new leg higher."To be sure, not every technical strategist was convinced that the new highs necessarily herald a return to the good times.
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