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The S&P500 has 5 tech stocks which make up 50% of the index. The lockdown has given a boost to tech stocks accompanied by Fed buying.

It is very easy to take the index up if these 5 stocks are bought consistently. It also makes it easier when the Nasdaq is up.

The rationale behind all this is to pull up the index thereby other stocks get buying interest and sell other stocks.

On the other hand if the Dollar index goes down between 80 - 90 the current market valuation is cheap.
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@nessymzwani - In my opinion the s&p is still overvalued considering whats happened worldwide along with what will happen in the short to near term future.I personally expect a pull back to 2700 or potentially a retest of covid lows of 2300.
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Short and than long once it gains support
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