For all the volatile moves seen in the stock market recently, there has been one constant: The S&P 500 cannot stay above 2,930.
closing above it just four times in 24 trading sessions since Aug. 1 with numerous intraday moves above and below the level. Wednesday's session marked the first time since Aug. 8 that the broad index breached 2,930 on a closing basis.
"We need a significant catalyst to break above this 2,930 level," said Jeff Kilburg, CEO at KKM Financial. "I think it's going to be along the lines of a true trade resolution. We just don't have that yet. Short of that, we're going to have a tough breaking out to the upside." Tensions between the world's largest economies eased Wednesday night, however, after U.S. and Chinese officialsnext month. The news sent global stocks rallying. However, stock investors could be setting themselves up for disappointment.
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