If you go by the chart, it looks like buyers are looking to make a play and that bodes well for overall market sentiment. The 200-day moving average (blue line) and the key trendline resistance (white line) from last year's downtrend have been major resistance levels that kept a lid on any upside movement but that might just be broken now.
That said, I'd be more convinced of a further upside break if the S&P 500 can clear 4,100 - so as to break the prevailing pattern of lower highs, lower lows. That might be what signals a strong bullish run as broader markets take the view that the Fed will be less aggressive and a soft landing of sorts can be achieved.
Watch this space. In a week where there might not be much else going on, Wall Street is looking for a big play before we get to the Fed next week.
