One Moment in Time…We are saying hello to 12-week highs as the S&P fast approaches 3100 and it feels as if the past 3 months of stock destruction will be in the rearview mirror stat. Looking at the chart below, it would seem the S&P is back on the straight and narrow path to the moon (thank you, Fed’ers). One thing to keep an eye on is the leaderboard today, though. Healthcare, Telecom, Chemicals and Utes at the top half of the screen, XAU up again and volumes pretty eh, don’t exactly scream confidence, but there are definitely other signs of life (see below)…

Like Chumbawamba… The S&P keeps getting knocked back below 3,000 only to get up again. With the headlines on reopening, vaccines, and stimulus all continuing to move in the right direction, it’s felt inevitable the index would recapture its 200-DMA and the psychological milestone, yet the task has proven to be a pesky one. US-China barbs are partially to blame, as well as Tech having gone from poster child to problem child, with NYFANG -1.6% (funny how quick some are to label the sector a “drag” after all it’s done to contribute to the rebound!). Value still enjoying the spotlight suggests optimism around the path of the economy remains – the release of the Fed Beige Book later this afternoon should add some more color to the question as well.