With a Little Help From its Friends

Oh, I get by with a little help from my friends
Mm, I get high with a little help from my friends
Mm, gonna try with a little help from my friends

Faced with another do or die moment, equities survived another brush with a breakdown – with a little help from the Fed, of course.Now, 234 SPX points later, it has cleared most of the overhead hurdles and is back on track to behave the way we would usually expect given that Friday is OPEX and the end of Q2 is not far off.

Just for the record, the spike had little to do with retail sales – which served only to boost ES back above its 10-day moving average and the yellow TL connecting the 2018 highs.