After a turbulent week in the world, the SP500 closed up. This week's close, 431.52, is slightly higher than last week's close, 429.54. Early in the week, SPY failed to surpass the 50-day EMA. This led to SPY closing the week below the August 2022 high for a second time.
Market breadth continues to show weakness. The two strongest sectors are currently Energy and Communications Services. Across the indexes, we fail to see any breaking 50%.
The sector with the highest return for the week was Energy, with Consumer Discretionary coming in last.
CPI year over year came in higher this week.
Going into next week, I am watching for SPY to break out from between the 50-day EMA and 200-day EMA. The SP500 appears to be taking a pause between the two EMAs as world events shake out.
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Hope everyone has a great weekend!