It's the fifth straight day of gains in the S&P 500 and for the second day in a row, a poor start has been reversed. It's impressive price action but it's combined with a worrisome rally in meme stocks.
A big level is now about 15 points away with the 200-day moving average at 4326, or about 10 points away. We haven't had a close above it since early April.
I suspect flows into US-dollar denominated assets are helping to lift the dollar as well today.
With all the gains in stocks, the Fed will be more-likely to hike more agressively in the months ahead. That's a big vulnerability for equities.
