The S&P 500 may continue to mark time until the data more convincingly support either the bull or the bear case. The index bounced off its 200-day moving average (dma) and closed above its 50-dma on Friday (chart).
![](https://www.yardeniquicktakes.com/content/images/2023/03/capture2-3.jpg)
If the batch of economic indicators over the next two weeks is as strong as was January's comparable batch, the market will go down on fears that an inflationary no-landing scenario will force the Fed to push interest rates up to levels that cause a hard landing to subdue inflation. For now, we remain members of both the soft-landing and disinflationary no-landing clubs.
Meanwhile, the "CFO Put" continues to offset the lack of the "Fed Put." The S&P 500 companies are paying dividends at a record pace and continue to buy back lots of their equities (chart).