The stock market rebound continues to gain momentum with the S&P 500 up 23 points to 1927.
The index has gained more than 100 points since bottoming out last Wednesday.
Technically, the S&P 500 has climbed above the early-October low and the 50% retracement of the nearly 10% fall. It’s now approaching a minor downtrend from the decline along with the 21-day moving average — both near 1935. Above that, the 61.8% retracement at 1943 is key.
S&P 500 daily
The turnaround since Bullard’s comment has been extremely impressive but the bond market isn’t exactly cheering. USD/JPY also remains much closer to the recent lows than the recent highs.
