In an almost perfect mirror-image of last week the dump in stocks into Thursday was caught and ramped back to new highs. Today is the best day for the S&P 500 futures market since the first day of the year. Volume was well below average which is exemplified by the fact that the VWAP (or market balance point for the day) closed down 4 points despite ES up over 20. The bounce was already on a roll before Hilsenrath sparked some last minute momentum surges above yesterday's highs.
S&P Futures best day since Jan 3rd - of course...
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But despite the 40-point plus surge in the S&P and higher close, the average price accounting for today's volumeless rally was 4 points lower than yesterday's - so not a major conviction buying ramp into the close, more an unwind of shorts by the look of it...
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Homebuilders went from worst of the week to first of the week...
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Hilsenrath sent us a little higher with his Fed-whispering into the close...
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as USDJPY saved the day... can you tell the 2 charts apart?
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Charts: Bloomberg and Capital Context