The SPX saw a net May gain of +342pts (6.1%) to 5911. Momentum ticked a touch lower, and remains marginally negative. A monthly settlement back above the key 10MA (5811), as the s/t trend has to be seen as bullish.
Natural upside resistance is psy’ 6K, and then the February historic high of 6147. Having put in (April 7th) a hyper spike floor from 4835, the market has a reasonable chance of net upside into mid August. Beyond Labor day, the bears will have into mid/late October.
It should be clear though, the day to day action will be prone to further jumps or spirals on tariff related headlines. If anything, we’ll need considerable popcorn across the summer, and into the fall.
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