The snapback rallly continues, as S&P is now higher by 0.85%, having rallied more than 40 points off the lows just 3 days ago, with outperformance in Energy (WTI rising again) along with Financials, Industrials and Telecom all higher by more than 1%. Breadth is only mildly higher by less than 2/1 positive and also with volume flowing into advancing vs declining issues
Bond yields remain under pressure however, and have not followed suit to what Equities have done today thus far. But NASDAQ and Europe both gave some early positive warning yesterday after stabilizing and turning up sharply and SPX now is following suit
For now, shorts stopped out over 2067 and movement up above 2080 would allow this rally to continue uninterruppted back to new highs. For now, its likely we do get some backing and filling in the next few days before meaningful extension, based on seasonality tendencies as well as the ongoing momentum remains negatively sloped on daily charts, so this rally has largely been counter-trend in nature in the past couple days
For today, the technical progress in both NASDAQ vs SPX along with Healthcare and Technology snapping back have been real positives structurally and given that Tech represents nearly 20% of the SPX, seeing some progress in this lifting following dismal performance out of AAPL, STX, WDC and other Hardware stocks in the last month is encouraging for TECH and a tailwind for the market right now.
US Dollar stalling out a bit, but still no meaningful pullback as of yet after 6 days of rally, but prices are literally right up against very strong resistance, so would expect some degree of selloff in USD in the days ahead