Stocks are drifting lower today as traders take profits following a big rally.
S&P 500 futures are down about one-tenth of a percent, following declines of a similar magnitude in Europe. Shanghai and Tokyo fell more than half a percent overnight despite a positive close in U.S. indexes yesterday.
The S&P 500 has advanced in 11 of the last 13 sessions after bouncing at its 50-day moving average in mid-April. It’s now more than 4 percent above its previous record closing high from 2007, following breakouts earlier in the year by the small-cap and transportation indexes.
— Option Monster