April is shaping up to be another wild month in the financial markets. Yet, for the S&P 500, despite all its movement, it hasn’t gone too far.
On April 7th, the S&P 500 made an intra-day high of 2756. On Friday, April 24th, the S&P 500 made an intra-day low of 2791. We are now going on our third week of the S&P 500 dancing around this, lets call it being range bound in the 2750-2850 levels. There seems to be a tug-of-war going on around these levels between the bulls and the bears.
For the bulls, it’s not only the fact that economies are starting to reopen, but the amount of stimulus being thrown at this problem, and leaning strongly on the Fed.
For the bears, it’s the fact that in 5 weeks 26.4 million people have lost their jobs, more than all the jobs added since the 2008-2009 financial crisis. The fact that confidence has tanked and the amount of uncertainty in an unsynchronized reopening of the global economy.
So, for the week ahead, let’s see who, if any, gets the upper hand as we close out the month.
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