[Not Quite] Bloody Thursday… June 11th was almost a month ago, but the S&P’s -5.9% plunge that day has been on many traders’ minds (bears especially) ever since. While it’s felt like the rally has gotten back on track and the Nasdaq has successfully put that “Bloody Thursday” in its rearview (thanks Tech!), the S&P has not been able to regain the 3180-90 ground it treaded on June 10th. A fresh failed attempt today (intraday high 3179) momentarily spurred some fears of a repeat sell-off, but equities have regained their footing to trade modestly lower (Nasdaq green now). It’s no doubt a defensive day with Costco’s positive update (COST +2.9%) putting Food Retail on top and favorite hiding spot Tech in tow, while Banks, Autos, and Energy receive their daily beating. Semis are also turning higher in the afternoon after the CEO of Microchip (MCHP +3.5%) noted recent order growth. But it’s hard to be too bearish when 4 of the “Big 5” are making new highs, and if/when the S&P does get over that technical hump it may be the green light the bulls are looking for to take on the ATH
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