The rebound I called on Monday has come through. Two sessions of gains have taken the S&P 500 back above its 50-day MA. Software and small caps have led the recovery, while Friday's volatility spike has drained away. Semiconductors are the holdout, still capped below their 50-day and 100-day.
Tesla and Meta report tonight after the close, which will decide whether the Magnificent 7 bounce has legs.
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