The Stock Market’s Bull Case Hinges on the S&P 500 Climbing Above This Level

With the stock market up so much this year, investors might expect a healthy stretch of continued gains. But right now, the case for a long-term bull market depends on whether the S&P 500 breaks above a key level it has struggled to pass.

But a few hurdles for the market stand in the way. The S&P 500, at just below the 4300 level, is down from its intraday peak this year of about 4607, hit in July. The main reason for the dip is that the Fed has made clear that it intends on keeping rates higher for longer than the market had expected, which means it will take longer for the economy and corporate profits to regain steam.

And those doubts could mean more downside, especially with the S&P 500 dipping a bit below 4300 Tuesday. Buyers rushed in to send the index upward at that level earlier this year, but this time around, those buyers haven’t showed up in the same way.

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