The Fed pumped in a ton of liquidity that is supporting the market's up movement. Sometime next week, the S&P 500 (and the other indexes) will meet resistance whenthey close their gaps as seen on the chart below.
The VIX (Volatility Index) is below the S&P's price chart. It actually closed it gap yesterday, so this is important. If the VIX moves below yesterday's low, then that would be favorable for the S&P to move up above its gap and move higher. If the VIX can't move below yesterday's low, then the S&P will be subject to failing after doing a 100% retracement to February 26th.'s close on the S&P.
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