S&P 500: A Gentle Snap Or Slap

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S&P 500 put up only very limited resistance at 4,136, and it became clear early in the regular session that bears would be absent. Initially, HYG and XLI sputtered, and XLF was lagging behind KRE, but this and other fleeting signs of intraday weakness, I duly immediately called as flipping the daily outlook decisively bullish, calling for a break above 4,177 already yesterday. Volume overall picked up sufficiently to repeat the daily bullish call for today in the European morning as well. The housing data weren‘t poised to sink the markets, and copper with oil were highly indicative of that re…

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