We’re now three trading days into the month of June, and the market is pretty much right where it ended May. But while the S&P 500 is up a whopping 3 points so far this month, the action we’ve seen has been very impressive. How so you may ask. Have a look at the chart below. It’s an intraday minute-by-minute chart of the S&P 500 over the first three trading days this month (Wednesday, Thursday and Friday).
As you can see, we’ve seen a big sell-off each morning just after the open of trading, but then we’ve seen steady buying throughout the trading day all the way into the close. Even today as the market digested a horrible jobs report at 8:30 AM ET, we saw buyers step in by 10:30.
Early-morning selling followed by steady intraday buying, especially into the close, is seen as a bullish signal for the market. Let’s see if this trend carries over into next week. Start a free research trial below for additional market analysis.