Back in the Green… It’s been a rocky ride but US indices are posting a positive response to yesterday’s disappointing Q2 kickoff. Oil is the star of the show (more on that later), carrying risk assets and the S&P higher after a muted morning performance. A green day feels good, but the momentum is fading into the afternoon, and putting things in perspective the index’s earlier highs were capped by the trading range established yesterday. Unfortunately it feels more likely the S&P will be testing support at 2400 / 2346 before trying to re-capture resistance at 2650.
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