that was short covering after an abysmal weak to lock in easy profits plus options expiration. there is no logical reason to expect anything but a retest of 200 weekly moving average at around 2650-2630 on SP 500. then, if that fails, we retest the December Christmas eve lows 2300-2400. remember, APPL is still trading $100 above its 200 day sma, not good for the market. A lot of big names exploded to the upside way above their 200 day simple moving averages. THe US is consumer driven, most of the rally has been based off easy cheap fed money and the strong consumer, rate cuts will do nothing to help consumers or economy if people pull back on spending, which they should. People should have been raising cash the past 6 months anyways as this is an election year that can literally go any which direction.
sure, the market may bounce, but I truly believe, all rallies should be sold for profits to raise cash unless you got in something really cheap.
I currently am holding some very beaten down stocks as is, but the FAANG trade and some other MAGA like anachronym stocks should continued to be sold as they are the most distorted stocks in the market.
also, volume this week was high, but pales in comparison to financial crises so a bottom is no where in sight if WHO confirms this as a PANDEMIC. panic hasn't even come close to hitting the markets, panic would take this under 2000 on SP 500 to about 1750-1800
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