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A Wall Street chart analyst said there could be an 'exhaustive upside move' in the U.S. stock market soon.
Rich Ross, Evercore ISI's head of technical analysis, said in a note on Monday that a confluence of factors joining together will cause a breakout for the market sometime "into late September/October." Ross's note came on a day when the S&P 500 rallied to a record high, overcoming seasonal weakness that tends to occur during these months.
"Trend is strong, breadth is improving, 'reaction to the news' is bullish and the breakout from the bullish ascending triangle to a new all time high above 2,480, all hold the potential to drive an exhaustive short-term leg higher," stated the note.
The S&P 500 gained 1.1 percent during Monday to 2,488.11, above its last record close set on Aug. 7. Monday's strong rebound comes after a period of weakness for stocks as Hurricane Harvey and Irma pummeled the Gulf coast and investors braced for news that North Korea would continue to conduct nuclear tests.
S&P 500 year-to-date chart
Some of the bullish factors occurring right now the analyst cited include a surge in new 52-week highs and a broad breakout in a number of sectors including health care and technology.
The analyst also noted that a falling dollar and lower rates are additional grounds for optimism.
"The setup in yields looks a lot like the setup in 2014, which suggests that they have further downside after an ephemeral September bounce," said Ross. "This time around however the dollar is breaking downfrom a multi-year top, not breaking out from a multi-year bottom."