the turnaround in us stocks on monday when the sp 500 spx erased a 17 decline to close 06 higher was an unusual one read dow stages biggest intraday turnaround since february as investors brush off concerns about china’s covid19 lockdowns according to bespoke investment group there have been only 56 days in which the spy exchangetraded fund spy that tracks the sp 500 erased an over 15 decline to finish up at least half of one percent since the inception of that fund and it was only one of 25 days in which it happened without at least two months since the prior one historically these reversals aren’t bullish the next day the spy on average slips by 29 basis points and stocks are also negative a week later and while stocks are more positive in the months after the typical gain is smaller than usual in european morning trading us stock futures es00 nq00 were weaker