After a slight pullback last week, the S&P 500 has held most of its autumn rebound rally and sits exactly where it did seven months ago.
In a year of slippery markets, the tape has shown itself to be surprisingly sticky. Sure, the indexes lost their footing last week, the S & P 500 skidding 3.4 percent from exactly the perch the skeptics would have bet it would, the level just above 4000 that marked the invisible but so far impenetrable downtrend line from the Jan. 3 market peak. Yet where it spent most of the last week and in fact the past month, was a familiar spot, between 3900 and 4000, closing at 3934.
This sums to a picture of a broadly slowing economy, and yet the starting point was such a high level of activity – of goods demand, of consumer savings, of corporate profitability, of employment – that conditions can worsen without getting truly bad for some time.
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