Reluctant Bulls Are Keeping Market In Check

By Michael Msika and Jan-Patrick Barnert, Bloomberg Markets Live reporters and strategists

Behind the Goldilocks narrative that’s pushing global stocks higher, there are plenty of signs that investors are starting to feel cautious.

It’s particularly evident in Europe. While the S&P 500 has moved higher since mid-May, aside from the August wobble, the Stoxx 600 has been mostly range-bound. During that period, which is a bit more than 100 trading days, the benchmark has moved around its 100-day average level by just 1.5%, which is near a historical low for the past three decades.