The U.S. stock market indexes have rallied pretty hard off of last October’s lows. One could argue that the S&P500 has even entered a new bull market having now returned 20% since those autumn lows.

Not to be the skunk at the picnic, but I’m not so sure these markets are off to the races just yet. With the Bank of Canada having raised rates again last week and the Federal Reserve likely to follow, I don’t think our monetary policy officials are finished trying to cool inflation.

As always, it’s anyone’s guess what happens next.. I think we’re about to see the market hit a strong resistance level matched only by that of my kid fighting not to go to school today.