Today we are seeing a rally over the weekend in our markets as well as in the markets in Europe and in Asia. Oil is up but the VIX is down this morning. We are seeing a fairly clear direction presented from our currency line up also.
Longer-term charts are also showing that the SPY has moved solidly above the moving averages on the daily and the significant 200 day moving average on the daily as well. In the pre-market, the SPY has moved up strongly to 301.1.
Much of this global rally can be attributed to hope in the partial reopening of several economies around the world including Japan, Germany, and the promise of Britain doing the same by June 15.
We do have some domestic and international bankruptcies and geopolitical tensions between China and the US that are present, but investors seem to be shrugging that off today.