What a roller coaster the last few sessions have been. It seems incredible the S&P 500 (SPX) was nearly breaking down from the recent range last Thursday, only to be attempting a break above it Wednesday (Figure 1). The back-and-forth over recent weeks has only led to an even higher level of angst as the economy continues its path to reopening and the Fed keeps backstopping risk. The only certainty in the current environment is the continued promise from the Fed of unlimited support that was again made evident in the FOMC minutes released Wednesday.
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