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Everybody Loves Taxes?
What was behind the big market rally on Thursday?
At first it was appreciation of a wave of stronger earnings reports. But then the real catalyst came when Treasury Secretary Mnuchin rescinded recent comments about tax plans being delayed til August. In fact, he said a new plan would be unveiled "very soon".
This put the rally into overdrive with the S&P getting as high as 2361. Interestingly the market limped from there to the finish line and closed just below the 50 day moving average at 2356 (the sixth straight close under that important spot of resistance).
This sets up the market for an important battle. A break above should set the paces for more momentum to the upside. However, failure at this vital juncture probably means momentum points lower...perhaps testing 2300 before the month is out.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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