Market is broadening out so expect to see new highs before year end: Carson Group's Detrick

Market Overview - The S&P 500 may see a new high by the end of the year, requiring a 3% move in approximately eight and a half trading sessions [1] - Despite recent declines in tech stocks, there were more 52-week highs on the NYSE than the previous day, indicating some underlying strength in the market [2] Sector Performance - The market is experiencing a broadening out, with traction seen in sectors like banks, cyclical stocks, transports, and energy, even as the S&P 500 remains stalled at levels from two months ago [5][6] - Advanced decline lines remain solid, suggesting that the market's breadth is improving despite concerns about tech stocks [3] Global Economic Outlook - There is optimism regarding the global economy's reacceleration next year, with a belief that the broadening out theme is legitimate [9] - Developed international markets are being closely watched to see if they will continue to outperform or if recent performance is just a temporary blip [8] Bull Market Analysis - The current bull market is relatively young, having just entered its fourth year, with historical data suggesting that bull markets at this stage typically last longer [13] - If a recession is avoided, the S&P 500 has historically shown positive returns, with a 70% chance of being up 10% or more for the year [12]