POTUS Sees An Exit Ramp Up Ahead

I. The War and the President's Speech

Yesterday, we concluded that the S&P 500's pullback bottomed on Monday, just shy of a 10% correction. The S&P 500 fell on Monday to 6343.72, down 9.1% from its January 27 record high. That low could be retested, but we think that yesterday's big rally, combined with the recent drop in bullish sentiment, marked the bottom on Monday. Stocks rebounded yesterday and today on news that the US will end the war soon.