US stocks extend to the best levels of the day as soft-landing trades sizzle

The S&P 500 has extended gains to 103 points, or 1.8%. The Nasdaq is up 2.8%.

The weekly chart of the S&P 500 is looking awfully good if it can get through Friday at these levels.

The FX market isn’t quite as enthusiastic but that’s because the bond market is looking further out and pricing out the odds of a recession trade. The long end has been selling off and that’s helping to support the US dollar.

Said differently, the market is saying “the Fed is going to hit the soft landing”.

This article was written by Adam Button at www.forexlive.com.