That was a strong rally off the lows as the markets interpreted the FED Minutes as dovish, even some going so far as to say the FED will "allow" inflation to rise above the 2% target.
So, we are back near the top of this trading range and in NO Man's Land, neither bearish nor bullish, going up & down, making for some good day trades in a rather boring and choppy market when viewed in the daily & hourly charts, as we wait on the break out:
-- bullish above 2745
-- bearish below 2720
Don't be surprised if the markets change their dovish interpretation of the FED Minutes and Trump goes after the Chinese re: tariffs, and taxes on auto imports from mainly Europe & Mexico.... and who knows what else. The markets are on the edge, coiling and compressing again, and, usually, the next move after such a market condition is EXPLOSIVE, up or down.
It should be bullish with thin volume before the Memorial Day weekend but seasonality and TA don't seem to be as important as before so don't count anything in or out as far as the markets are concerned.
It will be mighty interesting to see the market's reaction when any report suggests inflation was 1/4 or 1/2 point above the FED's 2% target.