Has crossed 9 ema which indicates a bullish trend change since March 25. For context, the current bear market seems to have bottomed two days prior on March 23. A retest below was attempted during April 1-3 and failed as the SPY re emerged and gaped up over 1%. Since then the stock market has been in a bullish trend with decreasing levels seen in the vix several weeks in a row and recently breaking below the 40 VIX which held for over a month. The next target on the technical side should come at 298 as it represents the 200 day simple moving average which broke less than a handful of times in the last 3 years.
Also, month end hedge fund and mutual fund equity re balancing should favor higher prices since the technical backdrop is still bullish. Hedges will slowly peel off into month and volatility levels should remain muted
Blue line equivalent to 50SMA support
shows narrowing range with possible break to upside
RSI still neutral
MACD bullish
Also, month end hedge fund and mutual fund equity re balancing should favor higher prices since the technical backdrop is still bullish. Hedges will slowly peel off into month and volatility levels should remain muted
Blue line equivalent to 50SMA support
shows narrowing range with possible break to upside
RSI still neutral
MACD bullish