Mike Santoli’s market notes: Bounce mode, Snowflake IPO has '99 vibes, vaccine plays rise

Snowflake IPO begins trading at the NYSE on Sept. 16th, 2020.
Source: NYSE

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This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • Typical pre-Fed drift up to a neutral, fulcrum spot, near last week's high and a level on the S&P where rallies have stalled in recent days.
  • Market still just bounce mode unless/until it proves otherwise, though in general the tape is hanging together reasonably well given the pressure on the high-momentum Nasdaq giants in the two weeks since the peak.