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S+P 500 suffers a Sell the Rally relapse

Yesterday the S+P 500 opened higher. The broadest measure of the top 500 US companies reopened at 5,149. It had closed last Friday, at 5,123. The index reached a high at 5,168 in very early trading. However, the price action that followed saw it slide to a low at 5,052 ahead of the close last night. The index later closed 61 points lower, at 5,061. That fall was a clear case of the market taking advantage of any rally to off-load stocks. The index also fell below and closed below its 50 day moving average for the first time since the start of November last year. That 50 day moving average was in place as of the close last night, at 5,114. There are some leading S+P 500 companies reporting later today, but more on those later this morning. Meanwhile, the S+P 500 futures have not bounced at all so far today and currently indicating a reopening for later on at around 5,058. 

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