The stock market indices managed to squeeze out gains again today after a sharp early morning drop took them down below support, but they rallied back just as sharply, if not more so.
It's not enough just to get back the 8.36 million jobs that were lost in the crisis. The US also needs to create about 15 million more jobs over the next 10 years in order to stay even with population growth and return to full employment. That’s about 23 million all together.
There is a complete lack of overhead supply to hold down an ETF or stock at a fresh all-time high. This is why stocks and ETFs at new highs typically continue much higher than the average investor might expect before eventually pulling back.
The S&P 500 is tantalizingly close to the 1170 target level which this index still needs to overcome to regain the levels seen before the May 6 plunge.
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