S&P 500 Consolidates Near The 3155 Level

Published date: .

The S&P 500 rose as high as 3154 today but backed off ahead of Friday's intraday high. That level also held up on June 16.

A break would be bullish a tee-up another test of the virus high of 3233. Watch for confirmation in bonds and USD/MXN.

US stocks think about an upside breakout



An interesting divergence is in the reopening stocks like airlines and cruise ships. American Airlines is down 7.5% today and trading at a three-week low.

Meanwhile, stay-at-home sales are solid with Netflix higher for a seventh day and hitting a record. But consumer discretionary is also doing well and utilities lagging.

S&P 500

Tomorrow is likely to be the make-or-break day for the week.

The bull case is that the virus just isn't that deadly.

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