The S&P 500 Breaks 3,000….Again

I hope you had a relaxing Memorial Day weekend. Wall Street, apparently, needed some time to regroup. The S&P 500 opened this morning above 3,000. This is the first time in nearly three months that the index has traded above 3,000.

The NYSE also reopened its trading floor today. Governor Cuomo rang the opening bell.

Today looks to be a good example of what’s called a “counter-trend” day. That’s a fancy way of saying that the stocks that had been doing terribly are doing the best, and the ones that had been doing well are now lagging the pack.

It’s not necessarily a bad omen. It simply means that there’s some pushback against the dominant theme. The S&P 500 is also above its 200-day moving average. That’s a key technical indicator that a lot of chart-readers like to follow.

Posted by on May 26th, 2020 at 10:49 am


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