….the high today stalled just ahead of the 2017 closing level.
The S&P index is up 37 points or 1.41% at 2669.66. The high reached 2671.64. A nice rebound from the sharply lower levels last week.
However, the big gain, has one little problem.
The price high stalled just ahead of the 2017 closing level of 2673.61. That keeps the index in the red for the year. I know it is somewhat random. Why is the last day more important than the 1st day or the 50th day or the 100th day? But it is. It makes a difference.
So keep an eye on the level today. Go above it, and it should give some more relief for the buyers. Stay below, however (or fail), and the stocks are not really out of the woods just yet. We would remain in the red for the year and that gives the sellers/bears more of a leg to stand on.
Be aware. Key level for the S&P.
PS. the Dow’s end of year level comes in at 24,719.22. The high today reached 24673.29. So the index remains in the red.
The Nasdaq end of year was at 6903. The index fell below the level on Wednesday last week buy held above the level on Friday (low reached 6919). Today the price high has reached 7065. So it is up on the year.