S&P 500 Shatters Past Another Key Resistance: Still a Rebound or Trend Reversal?

. I feared we might see something like this, and I didn’t feel like getting myself stressed out about it. But I will point out that since the drawdown started in July, we have now seen three rallies of greater than 4%. So far, this rally has been the largest. Maybe this time is different, maybe it’s not., rates, and credit spreads. Nothing has changed except that rates have fallen, the dollar has stalled, and spreads have narrowed.

Analysts had expected sales growth of 4.8%. That has the stock down about 3.5% after hours. It leaves stocks in the middle of the lower half of the channel, and it just means that it could trade down to $162 and not change much of anything from a technical standpoint.The S&P 500 popped another 1.9% Thursday, making this four up-days in a row. The Fed did exactly what everyone expected on Wednesday, meaning the Fed’s decision didn’t change...

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