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There’s no hangover on Wall Street this morning as futures are indicated more than 1% higher on optimism over global growth and a surge in Chinese equities.  Since the equity market bottomed in March, today’s gap higher for the S&P 500 represents the 24th time that SPY has gapped up more than 1% at the open.  In the prior 23 occurrences, the average change from the open to close was a gain of 0.34% (median: +0.38%) with gains 61% of the time.  More recently, though, a 1%+ gap higher was met with selling intraday as the S&P 500 has declined from the open to close on each of the prior four occurrences.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, global and national trends related to the COVID-19 outbreak, and much more.


In this past weekend’s Bespoke Report, we provided a brief checkup on market breadth for both the S&P 500 and Nasdaq highlighting each index’s cumulative A/D line over the last year.

In the case of the S&P 500, breadth hasn’t been good or bad and has simply been tracking the overall direction of the index’s price level. Overall, breadth for the S&P 500 is neutral, and there’s nothing wrong with that.

For the Nasdaq, the picture isn’t as positive.  As the Nasdaq Composite has made two higher highs in the last few weeks (dark blue line), the cumulative A/D line has actually been making lower highs.  One reason for the weakness in the Nasdaq’s breadth is the relative weakness of small-cap stocks in the index.

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