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Indicators: SPY pushed through 700 and closed at 701.66, reclaiming the pre-selloff level for the first time since mid-March. EMA9 (684) continues to pull away from EMA21 (674), widening the bullish spread. The rally from the March 30 low of 631 now stands at over 11% in twelve sessions. The FastOsc remains deep in overbought at 1.21 — this is the fourth consecutive session above 1.0, which historically precedes either consolidation or a sharp continuation squeeze.

Sentiment: The BSB score surged to 47.73, approaching neutral territory for the first time since the selloff began. The move from extreme fear (7.76 on March 30) to near-neutral in under three weeks is aggressive — the market is repricing risk fast. The speed of this recovery suggests either genuine fundamental improvement or a short squeeze that could reverse quickly.

What to watch: The 700 level is now the psychological pivot — holding above it on a closing basis would confirm a regime shift from recovery to re-accumulation. Today's high of 702.78 is the level to break for further upside. The extended overbought oscillator (1.21 FastOsc, fourth day running) is a warning flag — even in strong trends, a 1-3 day pullback to the EMA9 around 684 would be healthy. A break below the April 8 gap at 676 would invalidate the recovery thesis.