Despite a heady run into November, stocks, particularly the lagging small caps, could be riding a tail wind into the year-end and possibly beyond, according to some strategists.
"It's headed pretty decently higher. The fact we were able to continue on and make new highs, not just in the S&P, but if you look at Japan, and European equities are having a decent bounce," said MacNeil Curry, global head of technical strategy at Bank of America Merrill Lynch.
Curry said even though the stock market is hitting new highs, the momentum and market breadth are positives that could keep equities moving higher. The S&P 500 and Dow were both slightly lower Monday, after closing at all-time highs Friday. A late-day decline in crude oil weighed on stocks and took West Texas Intermediate to $78.78 per barrel, a 2½-year low.