With almost six weeks left till the end of the year, the S&P 500 is looking to close out 2023 on a positive note. While some may see this as a time to mellow down and enjoy the holidays, others will continue to seek opportunities. Investors playing the long game look for companies with a positive outlook, like the coveted Dividend Aristocrats. Offering growth and reliable income, these stocks are listed on the S&P 500 and have consecutively increased their dividends for at least the last 25 years. Some of these stocks have been lagging the broad market for most of the year, and others have started showing signs of recovery, with the potential to, or having crossed over their open price for this year.
Why is that important? There are technical and psychological implications when a stock crosses above or below its year-open price. Psychologically, this signals a transition from the previous market sentiment to a new phase, like a red candle turning green intraday. From a technical perspective, this potential change in sentiment can raise volatility and trading volume due to the momentum shifts and positive outlooks. In this article, we will look at three Dividend Aristocrats closely trading above their year-open price that you should look out for.
