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The S&P 500 has recouped all losses after the Fed Chairman played down inflation pressures.

There is no lack of V-shaped recoveries in recent market conditions as volatility goes wild. Even though it is choppy, the directional bias remains upward, and the rebound above 4250 just confirms the bulls’ commitment.

As price action rallies above the previous peak at 4270, an overbought RSI may hold buyers back. 4243 is the support in case of a limited pullback. Nonetheless, a new round of buying would send the index to new highs above 4300.

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