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Markets rallied this afternoon after investors interpreted a speech from Fed Chair Yellen to be more dovish than expected.  Small-caps were the big winners, with the Russell 2,000 ETF (IWM) surging 2.8%!  That’s nearly 200 basis points more than the large-cap S&P 500 rallied.

Looking at sectors, Health Care, Consumer Discretionary, Technology and Utilities rallied the most, while Financials, Energy, Materials and Industrials lagged.  Looking outside of the U.S., the country ETFs we track were up 1% across the board.  Gold, silver and natural gas rallied in the commodities space, but oil pulled back 2%+.  Treasury ETFs gained as well as interest rates fell.

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Below is our trading range chart for the S&P 500.  The index remains overbought here, but not excessively so.  It did make a new post-correction closing high, which clears a resistance level and provides more upside room to run.

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