That has to be one of the strangest rally into the close I've seen. It's not clear to me what the reason was.
Late day Friday rally is quite common at the end of a big down week. Seen it happen many times over the years.. Just this morning I was saying to myself there will probably be a rally going into the close because its a Friday after a bloody week. The standard reason (which I don't know if it is true) is traders with short positions not wanting to hold those short positions over the weekend.
Whewww....was a close one haaaa Im sure they will now rally it back to new highs but no worries it won't be long before we make new lows.
This market is on its heels. Only things working as it were is the defensive sectors. XLP XLU XLRE XLV mostly higher. The death of the AI hardware trade means a market with no leadership.
The S&P is close to the 10 month SMA but that wouldn't close out until the end of the month. A 10% correction would be a nice reset.
EVERY single one of those supposed "tariff sell offs" in the indexes has been bought up HUUUGEEEE..... unless of course -- this time is different