The S&P 500, and even the NASDAQ, are up 5 of the last 6 days as investors continue digesting the latest rake hike comments from Fed’s Reserve Chair Jerome Powell. The S&P 500 reclaimed its 200-day moving average (4473), while the Nasdaq reclaimed its 50-day moving average (13830). The fear index VIX is working on the six straight day in red, something that hasn’t occurred in 2022.

Ten out of the eleven sectors are in green with Communication Services, Financials, and Consumer Discretionary leading. Alphabet (GOOG) and Twitter (TWTR) are the best performers in Communication Services.

Breadth is decidedly bullish today, yet, there are more lows than highs in the Nasdaq.

The 10-year yields have risen to 2.37% from 1.73% at the start of March, poised for the biggest monthly jump since 2004, while the S&P has rallied 4.5% in the same March period. Seems like two very different messages.