Wall Street Week Ahead: Pullback possible after S&P's milestone
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After flirting with an all-time high for three weeks, the S&P 500 (.SPX) posted its best closing level in history. But some strategists say Thursday's record could be a harbinger that the stock market rally is running out of steam.
The S&P traded within 10 points of the all-time closing high for 13 sessions before breaking through, showing that investors need new catalysts to push firmly above resistance levels.
"As the market has gone higher ... upward moves have generally gotten smaller, which suggests that the move is getting old and that we need a pullback," said Mark Arbeter, chief technical strategist for Standard & Poor's in New York.
Stocks could fall about 3 percent to 4 percent, he said.
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