According to The Kobeissi Letter, the S&P 500 has officially closed higher for its ninth consecutive trading day, marking the first such streak since 2004 (source: The Kobeissi Letter on Twitter, May 2, 2025). This extended bullish momentum is significant for traders, as it signals strong market confidence and could influence short-term trading strategies, particularly for those monitoring large-cap U.S. equities and correlated crypto assets. With the S&P 500 acting as a benchmark for global risk sentiment, this historic run may contribute to increased volatility and trading opportunities across both traditional and digital asset markets.

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.