Guys, let's get ready for the New Year rally😁
"If you invest 1 dollar in the S&P 500 ETF in your 401K retirement account, 33 cents will be invested in the 7 best stocks — a record high," noted Rubner.
The influx of funds has increased the value of passively managed assets to 11.773 trillion dollars.
Now, as the markets assess the likelihood that the U.S. Federal Reserve will cut interest rates at its next meeting in December at 97%, the S&P 500 is set for a "Santa rally" during the last trading sessions of 2024, Rubner said.
The S&P 500
SPX
-0.00%
has already risen by 28% since the beginning of the year, while the "Magnificent Seven"
MAGS
-0.09%
has risen by 50% over the same period amid impressive growth over the last 10 days.
According to Rubner, the 2024 rally is now on track to continue into 2025. "My SPX 5K has been retired, my SPX 6K hat has been thrown out, and my SPX 7K has been ordered," said the technical strategist at Goldman Sachs.
