Bears got ambushed Friday in the final hour, setting up a likely short squeeze to begin the new week. If so, it is just an inch to new record highs that would likely pull the broad averages along. Most significant among them is the tech-heavy Nasdaq, which has been feigning weakness for the last six weeks while fund managers rotated funds from growthies to relative ‘value’ stocks. The E-Mini S&Ps seem all but certain to move to new heights, but if the FAANGs and other ‘lunatic’ stocks get in gear with them, bears had better retreat to their bomb shelters. In any case, you can use the 4103.25 target shown in this chart as a minimum upside objective if buyers push this gas bag decisively above p=3973.25 intraday or close above it for two consecutive days. ______ UPDATE (Mar 31, 9:10 p.m. EDT): The futures have played patticake all week with the 3973 pivot, biding their time until the Archegos disaster blows over. They have lost no ground, however, and appeared revved at today’s clos to rally ahead of the three-day weekend.
