The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Assessment: Bulls launching the market higher and fueling it thanks to a lot of short covering triggered on the break of SPY $425. The $430 level will likely be big resistance. The move appears powered by the bond market. Bonds always lead stocks and bonds are showing a big pullback in the 10 year Treasury yield. Was as high as 5% recently and now back to 4.662% as I type. Belief is that free money is coming back soon! Although given the Fed continues to say that inflation is a problem that isn’t getting better…these folks seem to be seeing something nobody else does. Who knows though….regardless of my thought…the bulls have the ball. Bears want a break of SPY $420 and bulls want to crack SPY $430 and push back to tough resistance at $435.
Good luck in your trades!