This morning, I said 4,395 was the key number to pierce to get me more excited about this bounce and the S&P 500 hit 4394.87 and stalled - then tumbled.
This is actually good news, as it is part of the discovery process for stocks and investors. Weaker hands sold the rip, but buyers have once again reemerged.
The parameters remain the same.
Keep in mind, buyers came into the market yesterday at 3:15.
This morning’s housing data is not moving the markets per se, but it is a reminder of those pesky supply chain issues.
I fret about the lack of single- family home supply because it’s the foundation of the long-term economy - household formation.
To see the chart, click here.
As much as I would like to force the issue, I can't get ahead of some of the technical tests and also worry about the reaction to the FOMC decision tomorrow.