(Bloomberg) — Stocks struggled to find solid ground after approaching a record on speculation the Federal Reserve will cut rates in 2024.
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With just a few days left before the year is over, equities barely budged. While some traders cited an old Wall Street adage that says “never short a dull market,” concerns have surfaced amid overbought levels and warnings about overly dovish Fed bets. The S&P 500 wavered near its all-time high — a feat recently achieved by the Nasdaq 100 and the Dow Jones Industrial Average that’s fueled a debate on whether investors should be worried or celebrating.
“Perhaps the most important question is: what has the S&P 500 done after it has climbed out of its hole?” said Ed Clissold at Ned Davis Research. “Did the rally to new highs leave the market overbought and in need of a correction? Or was it a breakout to a new up leg? History sides with the latter.”
The S&P 500…
