Investors wary ahead of May FOMC (5/7). While some churning expected post-April 7 rally, we also see improving risk/reward given trade progress.

The May FOMC rate decision and press conference is Wed (May 7th) at 2pm ET. The S&P 500 has recovered >50% of its losses since falling 20% and is hovering near the 200-dma of 5,747. This is reminiscent of 2022 when the S&P 500 fell 20%-ish and recovered to near 200-dma on the eve of Jackson Hole. But in 2022, Fed Chair Powell gave a hawkish speech around the need for more rate hikes and stocks then spiraled down 20% into those Oct 2022 lows. Investors are generally wary that ...

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