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Assessment: Despite bad data yesterday, the market rallied and the volume actually wasn’t too bad. Likely some stop losses for bears got triggered creating some auto-trades as the market pushed up. As usual, the market not appearing to be very rational…bad data, the Fed has said they will not be pivoting…but the market is calling their bluff? Quite the mess to me, but the SPY key resistance level is just above at $450. Failure to break that this week with the bears on vacation would be telling for the bulls true power.
Good luck in your trades!