Dow futures are indicating a positive open of over 200 points this morning, and while that sounds great at the service, it would only bring us back to levels we were at fifteen minutes before the close yesterday! To get back to levels we were at yesterday at 3PM, we would need to rally an additional 200 points.
One welcome change this morning versus the last three weeks is that the S&P 500 is set to trade up versus its’ prior day’s close in early trading. As shown in the chart below, that hasn’t happened much over the last three weeks.
Over the last three weeks, the S&P 500 has been down versus the prior day’s close over 70% of the time. That doesn’t happen very often.
