Despite all the doom and gloom of the news cycle, the equity markets may be establishing a small foothold. The low on 2/24/22 may have put in place a line in the sand.
While there is still a lot of data to consider, the steepening yield curve and shrinking futures volatility suggests there may be some short-to-intermediate-term relief coming.
While a major move higher doesn’t seem to be shaping up, it’s possible the SPX pushes to test the 4425 level this week. If so, that’s a rise of over two percent. Interestingly enough, there’s an outside chance for a test of the 4500 level on the index. If that were to occur, we’re looking at closer to a four percent move.
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