[Video] Reversal on the S&P 500, Morgan (MS) Falters at Dotcom Bubble High
Matt Simpson June 2, 2021 5:55 AM
Morgan Stanley (MS) reached our initial target but, perhaps not so surprisingly, ‘bottled it’ as it approached the infamous high of 2000.
We also look at the bearish outside day on the S&P 500, which leaves the potential for a double top pattern. Then we finish up on brent futures which finally broke above $70 following yesterday’s OPEC meeting.
S&P 500: Market Internals
S&P 500: 4202.04 (-0.05%), 01 June 2021
- Energy (3.9%) was the strongest sector and Healthcare (-1.64%) was the weakest
- 6 out of the 11 sectors outperformed the S&P 500
- 286 (56.63%) stocks advanced and 219 (43.37%) declined
- 90.69% of stocks closed above their 200-day average
- 79.6% of stocks closed above their 50-day average
- 63.96% of stocks closed above their 20-day average
- + 13.70% - Devon Energy Corp (DVN.N)
- + 13.63% - Marathon Oil Corp (MRO.N)
- + 10.87% - APA Corp (US) (APA.OQ)
- -9.31% - Abbott Laboratories (ABT.N)
- -4.79% - Thermo Fisher Scientific Inc (TMO.N)
- -4.70% - Invesco Ltd (IVZ.N)
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