SSO - The Reversal Of The Reversal

2024-06-03 23:50:00 ET

Summary

• Once again, stocks did not disappoint on Friday as the S&P 500 Index delivered another rare 100 point plus daily range.
• Based on futures trading, Friday’s range in both the S&P 500 and the NASDAQ 100 indexes was slightly larger than the volatile day the previous week.
• On Friday, the Chicago Purchasing Managers' Index (dubbed the Chicago PMI) raised some eyebrows, reaching a level of 35.4.

Once again, stocks did not disappoint on Friday as the S&P 500 Index delivered another rare 100 point plus daily range. In fact, based on futures trading, Friday’s range in both the S&P 500 and the NASDAQ 100 indexes was slightly larger than the volatile day the previous week, after the Nvidia ( NVDA ) earnings came out, which happened during an all-time high for the U.S. stock market. The difference last week is that the indexes closed on a high note after surging dramatically in the last hour of trading....

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