This chart highlights the 3646, which was the intraday high on November 9, 2020. In case you forgot, that was the day stocks broke out to new record highs on news of Pfizer’s successful creation of a coronavirus vaccine.
SPX probed the level by as much as 13 points on December 11, 2020, but closed above it. The result was a monthly high and monthly low around the same price. The index breeched that line by a similar amount last week but quickly rebounded. Is the old support still valid?
Finally, 10- and 30-year Treasury yields are back below their 2018 highs and oil is sliding. That may suggest most of the inflationary news is priced in — at least for the time being.
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