- For the S&P 500 to be considered healing itself, it must trade back above 3,810 which it did for a short period today, and then remain above that level, which it could not by the end of trading today.
- A number of stocks are holding above their May 20th lows despite the drop in the S&P 500 below that key level in the last week.
- The 75-basis-point fed funds rate hike today, was not a surprise since after the CPI number last Friday, June 10th, the Street built in the higher fed funds rate quite quickly into the fed funds futures traded at the CME.
For further details see:
Fed Rate Hike: The S&P 500 Needs To Regain The May '22 Low Of 3,810