The 1.2% gain in the S&P 500 today marks the best three-day gain since November 2020.
It turns out maximum pessimism hit on Monday on the confluence of war, China covid and Fed fears. Or at least maximum fear hit for now.
The chart of the S&P 500 is suddenly not looking bad. It held off making a lower low on Monday and is now threatening to take out the March high. Tomorrow is options expiration.
Closing changes elsewhere:
- Nasdaq +1.3%
- Russell 2000 +1.7%
- DJIA +1.2%