On June 1st, the S&P 500 finally broke through 4200, and a quick 10 trading sessions later, it closed above 4400. While many have been pointing to a narrow leadership for the gains, that has broadened recently as shown by the Advanced/ Declined lines, and the percentage of stocks above their 50/200d moving averages (for the SPX, 68% and 61% respectively). Even with the Fed’s hawkish skip yesterday that still has a couple more hikes planned (our economist Melissa Davies sees 6% in the Fed’s futu…
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