ESM6 June 6, 2016. Daily chart.

Mrs. Yellen’s speech yesterday sent a mixed-signal: on one hand, an interest-rate hike is still possible, despite an ugly Non-Farm Payroll report; on the other, there are still external factors that pose a risk to the US economy.

The market chose to interpret that as reducing the possibility of a rate hike in June and maybe in July, and sent the SP500 index to the best closing price level in 2016

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