Bloomberg) -- The Standard & Poor’s 500 Index is poised to rise above its highest closing level of the past month as it breaks out of a so-called consolidation phase, according to MKM Partners LLC. The S&P 500 “remained firm within its month-long consolidation phase,” said Katie Stockton, chief market technician at Greenwich, Connecticut-based MKM, with the difference between the lowest and highest closing levels not exceeding 2.2 percent since Nov. 11. A crossing of the so-called daily stochastics is a “positive catalyst” and may trigger more gains in the index, she wrote in a report today.
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