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Monday, June 21, 2021

S&P 500 finishes the job, erases yesterday’s losses

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Another dip bought

Another dip bought

The S&P 500 was down by more than 50 points at the lows yesterday but scrambled back in the final hour of trading to trim the decline to just 12 points. It’s up 16 points just after the open today to close the gap and trade at 4132.

The rebound sets up the possibility of a double bottom from 4056. It would need to get above 4186 to confirm it, but the upside would be another 3% and a new record high.

The Nasdaq is leading the way today, up 0.6% while the Dow lags up just 0.1%. The gains erase pre-market declines.

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