The S&P 500 has rallied over 7% since last Thursday’s low. Jerome Powell helped push the index to an 8-day high yesterday, after lowering expectations of an aggressive rate hike cycle and effectively ruling out a 50 bps hike at this month’s FOMC meeting. Were it not for the geopolitical landscape surrounding the Ukraine crisis, equity markets could be trading higher. But another way of looking at this is that indices have risen despite this negative sentiment. In today’s video we take a look at the S&P 500 cash index on the daily chart, alongside 52-week highs and lows for the broader market.
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