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Powell on 3/7 likely to reiterate "data dependence" and +25bp path = supports our 8-week rally thesis. If "rule of 1st 5 days" intact, S&P 500 could reach ~4,250 by end of April.

Last week was a test for the S&P 500 uptrend and test was successful...

In our conversations over the past week, few investors are outright constructive on stocks. It is getting harder and harder to find a bullish investor -- many of our institutional investor zooms start by asking "so, does anyone agree with what you are saying?"

Many are glad that specific stocks are rising, but nearly all view that these are idiosyncratic ideas and that the larger trend for stocks remains down. ...

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