Stocks see some pull back from gains

S&P trades to the highest level since May 5, but backs off

The major US stock indices have given up some of their gains. The major indices are still higher on the day but the bullish froth has lessoned. The US dollar is also reacting with a move off low levels.

Looking at the S&P daily chart, the price extended above the June 2 high at 4177.51 and traded to the highest level since May 5 (the high price reached 4186.62), but could not sustain momentum. The current prices trading at 4158.21 that still up 13 points or 0.31%, but they bullish bias has been tainted a bit. On the downside, the 100 day moving average at 4116.72 remains a key support level followed by the broken 38.2% retracement of the move down from the 2022 high at 4088.30.

Michael Cooper

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