The S&P 500 wiped out a 2.4% loss yesterday , the biggest stock reversal since July 1991. The initial rush to sell was caused by a hotter-than-expected inflation data, with CPI rising 8.2%, higher than estimates of 8.1%. However, this initial sell off was followed by a swift dash to buy, with the index closing a whopping 2.6% higher at the end of the day.
Yesterday's bullish price action means the stock market is likely to continue its rally for the next few days. My price target for the $SPDR S&P 500 ETF Trust(SPY)$is $380, which is a level of past support which will now act as resistance.
@TigerStars@CaptainTiger@TigerEvents
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