Source: International Business Times
Krinsky said the benchmark index climbed more than 5% over the four trading sessions ending Tuesday while simultaneously reaching a new 52-week high Getty Images The S&P 500 has posted one of its strongest short-term rallies in decades, but a veteran market analyst says the move resembles patterns seen before some major market peaks, raising questions about whether the latest momentum can be sustained. Jonathan Krinsky, chief market technician at BTIG, said the benchmark index climbed more than 5% over the four trading sessions ending Tuesday while simultaneously reaching a new 52-week high, an unusually rare combination that has occurred only three other times over the past 30 years, according to a research note cited by CNBC. Those previous instances came in April 1999, March 2000 and November 2020.
