We had a nice Friday Rally on our hands with the S&P 500 (SPX) above 4,000, states Bill Baruch, president of BlueLineFutures.com.
The previous low is 4,056, which will bring resistance. Nasdaq (NDX) resistance levels are highlighted on the morning express research: April was not intended to be an inflection point for inflation, however, Jerome Powell reiterated the 50 basis point hikes. June, July, and August are the inflection points, released in July, August, and September.
Short-Term Bottom Signs:
- S&P is down 20% for the year and reversed.
- Nasdaq held the 50% Fibonacci Retracement from the pandemic lows to all-time highs.
- Vix Divergence Crude is trading higher, but $111-$111.50 is heavy resistance.
Learn more about Bill Baruch at Blue Line Futures.