After Monday’s retreat from all-time high territory and the steep decline off the open, it appears that last week’s low in the S&P 500 index (4364.75) was going to be taken out and then some. However, the bulls came to the rescue and big time.
Not only did the index clear Monday’s closing price (4379.25), it blew through 4380, 4390 and 4300 handle and managed to surpass the intraday high from Monday (4414), reaching 4417.
It was a broad based rally, but it was big tech, except for Facebook (NASDAQ) that led the surprise rally. To sum it up, the index almost traded the entire seven day trading range (4364.75-4422,75) in one day.
For the session, the index closed higher by 35.75 handles at 4415. That just improves on the all-time closing high by less than one point.
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Jerremy Newsome of Reallifetrading discussed a potential long trade in the issue after its Q2 beat.
