Put the Party Hats Away; S&P 500 Move Boring
The party hats came flying out on Wall Street last Thursday after the S&P 500 broke above its record close of 1,565.58, following numerous failed attempts.
But hold on to those party hats. Now the real fun begins, as we’ll see if the broader market can continue to move higher after this break, or if a near-term top has been reached.
What I saw was a break that really amounted to very little and had little conviction. The move to the promise-land occurred after a move of less than three points. Again, not a big deal! The trading volume on the New York Stock Exchange (NYSE) was 650 million shares, and only 55% of the companies on the NYSE moved higher. About 41% of the issues moved lower.