A “cup and handle” pattern is forming in the S&P 500 and could signal a possible breakout in the future, according to Bank of America. Stocks are rising this month, boosted by hopes that the Federal Reserve is done raising rates and may begin cutting rates in 2024. The S&P 500 rose more than 8% in November, while the Nasdaq Composite gained 11%. But technical strategist Stephen Suttmeier pointed to a growing “cup and handle” pattern in the S&P 500 that could mean the broader index could hit new all-time highs. The bullish stock trading pattern forms when the price of an asset rises, falls to form a base, and then rises again, indicating a possible buying opportunity. “If the SPX can decisively break above the 4600 lows, it would confirm a bullish cup and run from early 2022 with upside potential beyond the all-time high at 4819 toward a measured move into the 5200 lows and the large base pattern count. in the 5600s.” Suttmeier wrote on Monday. “The rising 40-week and 200-week moving averages support this bullish long-term technical setup.” The S&P 500 closed Monday at 4,547.38.