The Gilmo Report

June 23, 2019

June 22, 2019

The S&P 500 Index hit an all-time high on Thursday in a tribute to the Fed’s increasingly dovish tone. That new high was achieved by a margin of .05 S&P point over the prior 2953.13 high, and then quickly given up on Friday as the index stalled and reversed off the highs. Volume was heavy thanks to quadruple-witching options expiration.

 

 

As the S&P cleared to new highs, the NASDAQ Composite Index and the Dow remain below their all-time highs. The Dow has to clear last October’s peak of 26,951.81, while the NASDAQ has to clear 8176.08. That’s roughly 1% for the Dow and 2% for the NASDAQ below their respective highs.

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