Summary :
“Odds that the S&P 500 put in a low on June 17th continue to stand at 60%,” according to a recent report from New York-based Macro Risk Advisors (MRA.) Over the the month through Thursday the index has gained 6.7%, according to data from Yahoo Finance.
However, MRA says the market needs to show something more before its confident we are well on the way to resuming the bull market in stocks. The reports explains the situation as follows:
• “The breadth thrust from historic oversold conditions was the first time we have seen but more work needs to be done before we can build more confidence in the market.”
Specifically what MRA analysts want to see is another day went 90% of stocks saw gains, or where at least half of stocks hit their highest level in four weeks.
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