Key questions for the second half include how much more can be expected of the expensive growth-stock goliaths in pushing the indexes forward as investors wait for the recovery to gain traction?
The powerful March-June rally ticked several of the boxes for those who try to certify important, durable market lows and recoveries.
Fatigue was to be expected after the best 11-week sprint in market history, a gain of 44% in the S&P 500 from March 23 through June 8. And under normal circumstances, stocks giving back one-sixth of a headlong rally, as the index has the past three weeks, would be viewed as utterly routine. And, chances are, it is a routine if uneasy pullback.But very little about this year has been typical, even if some of the rhythms are familiar.
Can this market continue acting like an early bull phase, with broad strength, cyclical-stock leadership and an ability to look through near-term economic struggle? The powerful March-June rally ticked several of the boxes for those who try to certify important, durable market lows and recoveries. The persistence of the price gains, the amount of losses recouped in a brief time and the rare breadth of the stocks showing extreme momentum had technical strategists calling it an early bull market.
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