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The last 2 days of May, and the first few days in June have a strong historical seasonal record, although last year (2011) June 1st was terrible...
Dow May 24 thru June 10:
Yesterday, (May 22) the SP 500 index ended with a long legged doji candlestick, as shown on the chart below. The open was 316.09 and the close was 1316.63 so the real body was very small; while the day’s range vacillated from 1328 to 1310. Today (5/23) was a high wave where again the day’s range was large from 1320 to1296 with a long lower shadow, but the real body was fairly small, opening at 1316.02 and closing at 1318.86. You could also call today a hammer, but ideally you should not see any
Stocks opened sharply lower yesterday, but an early 190-point decline was erased and the major indices closed mixed with the Dow losing 7-points, and the S&P 500 and Nasdaq closing up on the day.
The Dow dropped a couple of points yesterday as an afternoon sell-off gave back all of the earlier gains, but it took a very late 50-point push higher just to bring it back to near break-even on the day.
Stocks finally found some support and rallied on "renewed optimism that European leaders would find a way out of the sovereign debt crisis." Whatever - it was relief rally due and the Dow gained 135-points, closing at the highs of the day.