The stock market’s rapid plunge into a bear market this year has been nearly matched by a blistering rally off its lows.

Through Thursday’s close, the S&P 500 has rallied nearly 25% from a low reached on March 23. The broader market average has also retraced half of its initial drop from its record high. The Dow is up more than 28% from its late-March low while the Nasdaq Composite has jumped 19.1% in that time.

The market’s comeback has been fueled mainly by three factors:

This past week, the Dow had its seventh-best weekly performance ever while the S&P 500 posted its biggest one-week gain since 1974. The Dow’s fifth best week ever was on March 27, showing the historic nature of this comeback.

The Federal Reserve released on Thursday details on a group of programs aimed at supporting the economy. Those programs, which total up to $2.3 trillion, include loans for small and medium-sized businesses along with the purchase of investment grade and junk bonds. That announcement came after the Fed slashed rates to zero in March and launched an open-ended quantitative easing program.

Plan A : Long if market doesn't retrace much and supported firm above 2746.25. Targets are 2771.50, 2792.50 and 2812.25.

Plan B : Short if market failed to support above 2746.25. Targets are 2720.25, 2700.25 and 2678.25.


 

U.S. stock futures were lower on Monday morning after OPEC and other oil-producing countries reached a deal on a massive production cut, even as investors continued to digest the impact of the coronavirus. 

Dow Jones Industrial Average futures traded 339 points lower, pointing to a opening drop on Monday of around 331 points. S&P 500 and Nasdaq 100 futures also pointed to Monday opening declines for the two indexes. 

The group of countries known as OPEC+ agreed to cut production by 9.7 million barrels per day, making it the single-largest output reduction on record. 

Oil prices had fallen more than 40% since early March after Saudi Arabia-led OPEC and Russia failed to reach a deal as the coronavirus pandemic dampened global economic prospects.

Plan A : Long if market doesn't retrace much and supported firm above 8137.25. Targets are 8175.25, 8210.25 and 8233.25.

Plan B : Short if market failed to support above 8137.25. Targets are 8096.75, 8065.25 and 8032.25.