Steady improvements in gauges of momentum and sentiment reinforce the view among some investors that asset prices may be heading for a more benign period
U.S. stock bulls are taking heart from a range of market signals pointing to an upbeat year for Wall Street, as equities sit on impressive gains despite worries that the Federal Reserve’s monetary policy tightening may plunge the economy into a recession.
However, steady improvements in gauges of momentum and sentiment in recent weeks reinforced the view among some investors that asset prices may be heading for a more benign period, after last year saw the S&P 500 lose 19.4% in its biggest annual percentage drop since 2008. An up January after a down year, however, was followed by a gain of 23.1% from February to December with a 92% success rate.
However, when a golden cross has appeared as the 200-day moving average is declining - as it is now - the average 12-month return for the S&P 500 jumps to 16.8%.
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