US stocks think about an upside breakout
The S&P 500 rose as high as 3154 today but backed off ahead of Friday's intraday high. That level also held up on June 16.
A break would be bullish a tee-up another test of the virus high of 3233. Watch for confirmation in bonds and USD/MXN.
An interesting divergence is in the reopening stocks like airlines and cruise ships. American Airlines is down 7.5% today and trading at a three-week low.
Meanwhile, stay-at-home sales are solid with Netflix higher for a seventh day and hitting a record. But consumer discretionary is also doing well and utilities lagging.
Tomorrow is likely to be the make-or-break day for the week.
The bull case is that the virus just isn't that deadly.
