The S&P 500 was able to eke out a gain for the week. The S&P 500 was flat until Friday when it gapped open higher and basically traded sideways the entire day. Each time the index started to slip, buying pressure came in and halted the index from falling any further down. Now the index is so close to making a new all-time high, which is about 33 points away.
The momentum of the S&P 500 picked up a little along with the momentum of many of the international markets. Market breadth, or the number of stocks participating, was pretty much flat for the week not showing any real signs of strength or weakness. US Growth Stocks are still out pacing US Value Stocks and US Large Cap Stocks are ahead of US Small Cap Stocks.
Most of the positions were flat for the week or not much change in price. They are all seem to be about to be pretty close to right in the middle of price targets and where the stops are located. As far as adding this week, there is no plan to do so as the risk is certainly on the higher rather lower side right now when it comes to equities.
Each time the S&P 500 looks as if it is going to correct to the downside, it marches higher. It will be interesting to see if the S&P 500 can keep price moving to the upside or if we start to see some selling pressure. Either way, we will be looking for opportunities. Have a great week!
Adam Straseske, CMT