In nine of 10 times the S&P returned more than 10 percent in Q1 since 1950, it went on to post double-digit gains for the year, Ryan Detrick says.
The S&P 500 is on track for its best quarter in a decade, up roughly 12 percent. And if history is any indication, the index could be set for more gains for the rest of the year.
Despite the track record, S&P Global's Erin Gibbs and Instinet's Frank Cappelleri believe the S&P still has a number of hurdles to surpass before it can move meaningfully higher. "We still haven't even recovered from the carnage that we just went through in the fourth quarter, so I think this is still really reclassified as more of a rebound rather than a continuation of an uptrend that we saw in all those other years," Gibbs said Tuesday on CNBC's "Trading Nation."
After looking at the charts, Cappelleri argues that the S&P has been stuck in a range. He doesn't forecast new highs until the index can materially break — and hold — above the key 2,800 level, which has provided resistance in the past.
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