The S&P 500 failed to make a new closing high today despite the pundits from CNBC having already popped the champagne earlier in the day. In reality, it was premature celebration from Bob Pisani and Mike Santoli. Clearly, they jinxed the move through to a new high on the S&P 500.
Oh well, they might have to wait a while, like into 2019 or later on in 2018.
Futures are lower by -10 on the S&P 500 at 10:00 p.m. EDT which will see the S&P 500 move further away from its January 26th closing high. With President Trump's attorney pleading guilty to a variety of charges and his campaign manager losing his trial, the potential is real that they turn on the president. Markets will not like this outcome.
Coupled with Wednesday seeing the Federal Reserve Open Market Committee (FOMC) release their latest minutes, Thursday getting the European Central Bank (ECB) latest interest rate announcement and Friday having the Federal Reserve Chairman speak at Jackson Hole Symposium the next few days could be wild. Oh and the U.S. could slap new tariffs on 50% of Chinese imports.
The January 26th S&P 500 close was 2872.67 and the intraday high today was 2873.23 before closing at 2862.96. With the S&P 500 off -10, that puts the S&P 500 back at 2852. A break of 2850 will bring 2800 back into play and that is where we were a week ago.
The market Gods continue to giveth and taketh in 2018 on their own terms not investors.