The last two times the S&P 500 did this, the market topped out (via TradingNation)
But those gains have also pushed the S&P 500's price-to-earnings ratio close to 17 times forward earnings, a valuation level that marked the top in May and last fall.
"From a technical perspective, we do have a good deal of resistance right around 2,940. That's an approximation of the 2018 high, so it is a challenge for the S&P 500," Stockton said Monday on CNBC's "The S&P 500 is within 1% of hitting its 2,940 resistance level. It last touched above that level in early May.
There are enough positive catalysts in the market to keep the rally going, though challenges do remain, says John Petrides, portfolio manager at Point View Wealth Management. A potential rate cut from the Federal Reserve could push stocks higher, Petrides says, though the central bank needs to be clear on the reason behind any move.
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