According to Eric Balchunas, SPY is rallying again following strong April jobs growth, marking a potential ninth consecutive day of gains and a cumulative 15% rise since Black Monday on April 7th (source: Eric Balchunas on Twitter, May 2, 2025). This sustained uptrend signals strong bullish sentiment in the S&P 500 ETF, with traders watching closely for a breakout continuation and monitoring key resistance levels. The positive correlation between economic data and equity performance reinforces risk-on appetite among market participants.