S&P 500 has now recovered 50% of its virus decline

S&P 500 breaks a technical level

It turns out the way to fight coronavirus is with massive government deficits and an unfathomable central bank balance sheet.

At least that's the way to fight it in the market. The S&P 500 has risen above the 50% retracement of the virus decline in an important technical break. The index was slated to fall today until the Fed rolled out another $2.3 trillion in lending programs.

The 61.8% retracement is a huge level technically at 2934 but it would only take another 4.6% rally to get there.