<p>Daily changes:</p><ul><li>S&P 500 +1.6%</li><li>Nasdaq Comp +2.0%</li><li>DJIA +1.2%</li><li>Russell 2000 +1.3%</li><li>Toronto TSX +1.2%</li></ul><p>Weekly changes:</p><ul><li>S&P 500 +1.9%</li><li>Nasdaq Comp +2.6%</li><li>Russell 2000 2.7%</li><li>Toronto TSX +1.7%</li></ul><p>Greg highlighted the technical earlier and how the S&P 500 has quickly comeback from a trip below the 200-dma.</p><p>The weekly chart shows a nice bounce but it didn’t get above last week’s intraday high.</p><p>What’s been driving markets is the hope that the Fed is near a top. Fed funds are pricing in 5.44% in July and 2-year yields nearly hit 5% earlier this week. That’s led to a wave of speculation that we hit the top in yields and rate hike expectations and the hope that all the risks are towards rate cuts after July.</p><p>It’s been an impressive flood of money and that was emphasized with the huge gains today.</p>

This article was written by Adam Button at www.forexlive.com.