The S&P 500 hit a record 1968 today but is now trading 20 points lower, tracing out a key reversal day on the daily chart.
Here’s a look at other recent/record highs that were followed by lower closes.
S&P 500 daily
The early April turnaround led to an additional 2.7% fall but other turns have been mixed.
What’s interesting is that this comes on a day when the news on housing and consumer sentiment was great. It’s not a fear of rate hikes because bonds are rallying.