Russell, found support at 20 dema and on anticipation that things will improve.

                                                                                                                                                            notice volume

The economy and the stock market observations.

Today marks the end to a historic month.

From the month's low close on April 1 to today's before market open levels, the SPY is up more than 20%. In that same period, more than 85% of the SPY's gains occurred from the gap opens. And through yesterday, the SPY had gapped higher by at least 40 points for six straight days. Markets always evolve and unique behavior is normal and natural - but this month's overnight action is unforgettable.
It looks like the argument you can't pump $10 trillion in fiscal and monetary policy actions without generating higher stock prices is winning.

Russell, range expansion up in the Small caps has often marked intermediate term tops in the past.

This market has nothing to do with Fed liquidity. It's been driven by illiquidity. Almost every night for a month, the day's price has been set by a small number of transactions in the futures market at the least liquid time of night.

                                                                                          hourly view

The S&P is up double digits this month, however, most of the action occurred at night. Month-to-date, we’ve had just one day that traded more than 10 points on either side of unchanged and today was yet another gap that remained on that side of unchanged for the day.