The S&P 500 is looking like an unstoppable machine, hitting a fresh session high up 9 points to 1838. From the lows last Wednesday, the index is up 5.8% and the index is just 0.6% from the 1851 all-time high.
S&P 500 daily
I’m a believer in the stock market but it’s hard to believe this one-way run will continue through the record high — the market will need a few more ups and downs before the bulls really fall in love.
For FX traders, what’s especially interesting is that the S&P 500 has almost completely wiped out the losses than began on January 23 while USD/JPY is down 270 pips pips including 3 straight daily declines.
