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After yesterday’s rally stunning reversal, which was attributed (wrongly in our view) to the FOMC announcing that it would start buying corporate bonds, global equities are in rally mode again this morning on reports of a $1 trillion stimulus plan scheduled to be unveiled by the Trump Administration for roads, bridges, and technology projects. Futures are at their highs of the morning ahead of what will be a busy day of economic data.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, the global rally in risk assets this morning, economic sentiment, global and national trends related to the COVID-19 outbreak, and much more.
The chart below from page two of our Morning Lineup report shows the daily overbought/oversold readings of the S&P 500 over the last year. The brief dip into neutral territory following Thursday’s rout didn’t last long as the S&P 500 closed back at overbought levels yesterday and with futures currently up over 3%, we’re only moving further back into overbought levels now.