The S&P500 sits ~16% below the 50 and 200 day moving average. The index started a potential rally on Tuesday, so watch for a follow-through this week. Be cautious though, as the first rally after an extreme sell-off usually fails.
From an economic standpoint, last week was extraordinary and U.S. stocks saw their best week in 11 years. Before we get carried away, we're about 25% below the February peak, and stock prices are basically "even" from a valuation perspective.
Hats off and a big thank you to the brave men and women putting their health at risk in essential positions to keep the rest of us safe and healthy during this crisis.
More commentary after the jump...Stock Market Outlook - Week of March 29 2020
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