The Gilmo Report

March 28, 2021

March 27, 2021 4:45 pm ET

The twists and turns in this market get stranger by the day. On Friday, the market looked like it was headed for a big reversal as it approached the last hour of the trading session. Ten minutes ahead of the final hour the indexes broke to lower intraday lows and then suddenly reversed course, streaking to fresh highs in in a wild late-day surge.

After getting short-term oversold on Thursday and finding logical support at its 50-day moving average, the S&P 500 Index spewed higher from there to end the week less than 0.03% off its all-time highs on higher volume. The trend has been to the upside but has been fraught with volatility and internal divergences.

 

 

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