S&P 500 Stalls Seven Weeks After Its 2024 Peak Close
The S&P 500 hit a 16.9% year-to-date total return on June 2 — and has been treading water ever since.
Seven weeks. That's how long the S&P 500 has gone without sniffing a new year-to-date high. The index peaked on June 2 with a 16.9% total return, and since then the market has been stuck in a frustrating holding pattern that's testing bulls' patience.
Pauses like this aren't unusual after a strong run-up, but the jitters are real. When momentum stalls for nearly two months, traders start asking hard questions about whether the rally has legs or whether that June 2 close was the top of the move.
Read more Netflix Prices Up 29% in a Year: Is Washington Next? →
The tradeable angle here is simple: extended consolidation after a sharp gain can break either way. You're watching for a decisive move above that June 2 closing level as confirmation the uptrend is intact — or a breakdown that signals something uglier is brewing beneath the surface.
Don't let the calm fool you. Seven weeks of sideways action builds energy. The longer this pause stretches, the more meaningful the eventual resolution becomes. Position sizing and stop placement matter more than ever right now.
Continue reading at SeekingAlpha.
