🚨 SPX is up roughly 13% in the last 15 sessions.

And this move came with almost no meaningful pullback.

You can clearly see it on the chart 👇

But here’s the more important part:

After the March 30 low, the S&P 500 recovered and returned to record highs in just 11 trading sessions.

According to Bespoke data, this hasn’t happened since 1928.

That’s nearly a 100-year extreme move.

Now here’s why I’m paying attention:

This rally is happening while Middle East tensions are still unresolved.

Oil risk is still there,

geopolitical uncertainty is still there…

but the market keeps pushing higher like nothing’s wrong.

So the real question is:

Is this real strength?

Or is this the kind of move that pulls everyone back in

right before a sharper repricing hits?

Because sometimes…

the moment the market feels the safest

is when the risk is actually the highest.