S&P 500: Record highs before a retreat - BBH

The S&P 500 reached new record highs on Friday before a retreat, punctuated by a sharp drop in large cap technology names notes the research team at BBH.  

Key Quotes

“By the close it recouped about half of its intraday losses.  It fell to 2415 and rallied 16 points to closed at 2431, but it was not sufficient to give a positive close for the sessions, and reversed and a little more the gains that it had coming into Friday's session. It is difficult to talk about meaningful resistance in these uncharted waters.”

“The technical indicators are mixed.  A test for the bulls will be if they can still push equities higher if bond yields do rise further as we expected.   The loss on the week, pushed the S&P 500 into third place among G7 markets this year, with an 8.6% gain.  It lags behind Germany (11.6%) and France (9%).  MSCI  Emerging Market equity index is up 18.4%.”