S&P 500 Overview
This was a quiet week for the S&P 500 (SPY). Price remains in the fuzzy area around the 200-day EMA and the July 2024 high. It appears that SPY is finding resistance at the 200-day EMA.
Over the past couple of weeks, we have seen the poorly performing factors begin to recover, and the momentum factor, specifically, is seeing a strong recovery.
Sector Overview
Sector performance was relatively flat this week, except for Healthcare (XLV).
Spots of weakness are beginning to show in the short term, and the long-term breadth remains weak in most sectors. So far, the strong short-term breadth has not been able to translate itself into strong long-term breadth. Lining up with the resistance we see at the 200-day EMA at the index level.
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