SPY – Back on bullish track

Hello traders,

This week the stock market returned to positive territory with big technology companies leading the heard.
The Nasdaq was the major leader with a +6.0% gains for the week thus marking the index as positive for the year, followed by the S&P500 +3.5%.

Did new information move the market up this week?

The main topic this week was also the reopening narrative, the common belief that the month of May is a transition month to total reopen of the economy and some optimism with positive vaccine developments,
a rally in oil prices, a high buying volume in the mega-cap stocks, and a fear of missing out by professional money managers who sat on the sidelines.

AlphaOverBeta Next Week Forecast

As the market had a tremendous run since the 2182 lows with no looking back, we expect it to take a breather as there are many .. many traders who believe the worst is yet to come and the market cant have such a strong break from the real economy, we are on the opposite side estimating another leg up and not down, although we listen to traders who make complete sense with the disconnect argument, this is why we will remain bullish as long as the market remains above 2800, below 2750 will force us to rethink our current bullish stand.

Trade Smartly,
Alon, AlphaOverBeta

SPY-Back on bullish track , AlphaOverBeta Market Outlook by Alon_AOB on TradingView.com

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