S&P 500 Surges Over 450 Points Since October, Approaching 2023 Highs as Equities Rally
• S&P 500 broke out above 4400, rallying over 450 points since October lows, now approaching 2023 highs just above 4600
• Equity put-call ratios dropping rapidly as put buying decreases and call buying increases, bullish sign
• Market breadth indicators still on buy signals but approaching overbought territory
• Volatility Index (VIX) at lowest level since January 2022, overall volatility derivatives remain bullish
• Maintaining core bullish positions in stocks, will trade other signals around that; new potential sell signal if S&P 500 trades below 4533