The S&P 500 (SPX) opened slightly higher and then sold off to a general trendline over the past few sessions. The 10 AM release of a disappointing ISM Manufacturing Report sent the index promptly to its -0.39% intraday low. But the press soon learned that the ISM has goofed the seasonal adjustment, and the Manufacturing Composite was actually in line with forecasts. The 500 quickly recovered and spent the rest of the day in a relatively narrow trading range, closing with a small 0.07% gain -- the fifth record close in six sessions.
No doubt the next potential market mover of an economic sort will be Friday's employment report for May.
The yield on the 10-year note closed at 2.54%, up 6 bps from Friday's close. It is now 10 bps off its interim closing low of May 28th.
Here is an S&P 500 snapshot of the last five market days.
Here is a daily chart of the SPY ETF (SPDR S&P 500 (ARCA:SPY)), where we can see the pattern of new highs on declining volume.
Here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
