One thing about this minor fade in today's stock rally that is remarkable -- if not surprising -- is how tantalizingly close the S&P 500 once again got to erasing its loss for the year. As the dotted line shows below, the unchanged YTD level in the S&P 500 appears to have shaped up to be a resistance level for the last few weeks.
That seems like a bizarre situation given the tax-cut bonanza in the pipeline. It seems like investors are waiting for a definitive "all clear" sign, and maybe the earnings reports and conference calls from the big banks starting Friday will do the trick.
Source: Bloomberg Pro Terminal
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