Are the bulls back on Wall Street? Despite another set of terrible employment figures, the U.S. indices are quickly regaining COVID-19 losses. Is it possible that we are looking at the elusive V-shaped recovery? For June E-mini S&P 500 futures, a quick return to the 3000.00 psyche level appears to be growing more probable by the day.

This morning has been an active one for the financial media. Here are the stories that have brought massive participation to the markets:

• Powell Speaks: Earlier, FED Chairman Jerome Powell issued public comments on the economy. Powell unveiled plans for a massive FED QE program, to the tune of $2.3 trillion. In addition, he said that the U.S. economic recovery may be “robust” upon the COVID-19 contagion being contained.
• Oil Deal: The long-awaited OPEC+ production cut deal has finally come to fruition. The details of the agreement are still hazy, but it is being reported that cuts of up to 20 million barrels per day may come in the near future.
• Unemployment: COVID-19 economic fallout continues to evolve. During the pre-market hours, U.S. Initial Jobless Claims (April 3) came in at 6.06 million, above expectations of 5.250 million.

At this point, traders are favoring the FED’s positive sentiments and oil production cuts over a rough employment situation. The U.S. indices are all way up, with June E-mini S&P 500 futures SPX testing a key Fibonacci resistance level.

June E-mini S&P 500 Up 50% From Mid-March Lows

The holiday-shortened week has been a good one for the June E-mini S&P 500. Prices have broken above 2500.00 and appear destined to revisit 3000.00 in the near future.

Overview: If you’ve been listening to the mainstream financial media, then you are familiar with the phrase “V-shaped recovery.” This means that the market will recover nearly as fast as it fell. For the June E-mini S&P 500, this is becoming a real possibility. Prices are up more than 600 points in 14 trading days; if we see a daily close above the 2800.00 handle, further bullish extension is likely for early next week.