After hitting a bit of a turbulence brought about by the collapse of SVB and others, the market looks back on track to make a move higher. Barring any type of massive reversal in Friday’s session or next week, the S&P’s next stop should be 4200. At the time of writing, futures on SPX, /ES, sits at 4176 in pre-market.
Translation: things look pretty bullish right now. In yesterday’s edition, we were cautious of a push higher as we are currently at resistance and traveling into an old supply zone on SPY. However, the strength of yesterday’s buying, as well as the broader context of the trend over the past few months, we don’t think it is too unreasonable to assume this rally can continue.
We urged caution because hedge funds started short positions in massive amounts. But, it is unclear their plan with these ie.) expiration, risk management.
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