"Is S&P 500 exceeding 4,275 consistent with investor positioning today? Nope," Lee said."Bears are increasingly trapped as fundamental catalysts for stocks to decline have passed and equities have shown impressive resilience."
Lee cites the MOVE Index, which measures bond-market volatility and has fallen below the 150 level to 135. The breach of 150 comes after the index soared to its highest level since 2009, suggesting that for a moment, the bond market was teetering on the verge of a crisis while uncertainties surrounding Silicon Valley Bank remained high.
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