The July 2022 Powell 'put' is still supporting the S&P 500, as the market is now rallying above 3968 at over 4% . Now overbought.

The Powell 'put' at 3968 on the S&P 500 has been holding since Nov 2020, for all my analysis on why it is a 'put' has been instilled, albeit hypothetically, by the head of the Federal Reserve, please refer to these posts: chiasmusmagazine.blogspot.com/search?q=powell+put.  Note the chart above, which shows the S&P 500 and U.S. Dollar since July 2022 to date.  The USD, which runs inverse to equities, began to sell off between October and December 2022 (blue vertical lines), despite the Fed's rate cycle.  When the bank bailouts began in March 2023 so did the expansion of the Fed's balance sheet, separate pane beneath chart, which also rallied the S&P and sunk the dollar.

The S&P 500 is now 5% over July's 2022 support at 3968.  Moving into overbought territory