$SPDR S&P 500 ETF Trust(SPY)$ bounced 8% from its lows on March 31 $629.
Now, there is massive gap it needs to fill from $660-$672 (exhaustion or breakaway gap)
5 reasons why SPY is ripping so hard:
1) Formal ceasefire agreement (biggest signal)
US and Iran agreed to a 2-week ceasefire after weeks of conflict.
2) Strait of Hormuz reopening (critical macro shift)
Iran agreed to allow shipping through Hormuz again
3) Diplomatic talks scheduled
Both sides preparing for negotiations in Pakistan
4) Global leaders backing the truce
EU + multiple countries calling it a “step back from the brink”
5) Military campaign paused after objectives claimed
US signaling goals achieved + ceasefire window
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