Today’s market close marks seven weeks of increases for SPY. These almost two months of increases have brought the SPY over its July ‘23 and March ‘22 highs. The increase has also brought SPY close to its Jan ‘22 all-time high.
This week’s rally was accompanied by the volume breaking its 20-week average. Volume has not crossed this average since the first week of the rally.
Participation appears to have remained strong in the underlying sectors. We are beginning to see weakness in Customer Staples and Energy.
All sectors gained value this week, with Real Estate leading, likely due to the Fed’s announcement. Consumer Staples was the laggard of the week.
Going into next week, I am watching for the resolution of the Thursday and Friday daily candles. Both candles show indecision, and they occurred near the Nov ‘21 high. With seven weeks of gains, I am watching for a pullback.
I hope everyone has a great weekend!