Very sad weekend for America as riots and looting broke out nationwide over protests concerning the murder of George Floyd at the hands of the police. Tough to worry about the S&P gaining or dropping a few points when the country is burning to the ground, but alas, we press on...
The market closed the week very strong once again as the hyper-uptrend following our March 18th lows continues. Over the past couple weeks we have seen some money rotate from the growth stocks that have mostly led this rally to cyclical stocks such as industrials, financials, materials, transportation & utilities.
Could this be the market pricing in a quicker-than-expected pandemic recovery with states reopening and signs of a "Coronavirus second wave" looking futile thus far? That would be the common consensus right now.
For the first time in two weeks, we'll (most likely) be walking into a Monday morning gap down as futures are down ~1% amidst the riots nationwide. We will likely be opening around the first support area so we will get to see the market's commitment to last week's continued buying.
$300 is the first support area in the SPY, but with civil unrest likely to continue, do we see a downside move after we went +6% in two weeks?
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