Oil and Yield’s Rise May Soon Fade, Sparking The S&P 500 Rise To 3,000
Stocks finished mostly flat, ending the day on the S&P 500 up by roughly ten bps. The morning rally faded by mid-afternoon wiping out the gap higher that started the day. Not an unusual occurrence since we see this type of price action on a regular basis. Support continues to rest around 2,716, but I have added a trend line in green, for the sake of adding one, to see what happens to it tomorrow. It is too early in the game to name a new trend line, so we will wait and see. I still think the S&P 500 has a clear path on to 2800, before hitting choppy waters again.