The S&P 500 gained 1.58% this week with Friday's close at 3,380.16. Friday's close is a new all-time high daily and weekly close. The index has now increased two weeks in a row, and just like last week, the open of the week was essentially the low of the week. Behaviorally, it was as if the market opened on Monday and market participants, collectively, couldn't wait to buy 'em. This is the epitome of "accumulation", and given that this "accumulation" occurred right at January's highs (the last known level of resistance on the charts), this week is an encouraging sign for the S&P
The S&P 500 surged 3.17% this week with Friday's close at 3,227.71. The index came out of the gate strong on Monday and never looked back. Monday's open ultimately recorded as our weekly low. The S&P 500 erased everything it lost the last two weeks and recorded fresh all-time highs this week, both on an intraday (3,347.96) and closing basis (3,345.78). In last week's Update we wrote that we'd "be shocked if the S&P 500 didn't trade down below the 50MA next week, perhaps even on Monday." Consider us shocked.
The S&P 500 declined -2.12% this week with Friday's close at 3,225.52. The index has now declined two weeks in a row and is -3.12% below our all-time high weekly close. The S&P 500 opened the week with a case of the Monday's, and seemingly ended the week not feeling so hot. Monday saw the index trade down -1.85% from last Friday's close, with the narrative being the uncertainty surrounding the coronavirus. The S&P 500 then staged a mid-week comeback.
The S&P 500 declined -1.03% this week with Friday's close at 3,295.47. This marks the first weekly decline of -1% or more since September of 2019, and just the third weekly decline over the last sixteen weeks. This week's price action was somewhat of an opposite to recent trading weeks; we saw early week strength and late week weakness.
The S&P 500 gained 1.97% this week with Friday's close at 3,329.62. Friday's close is another fresh all-time high daily and weekly close. The index has now increased 13 of the last 15 weeks, and has climbed 16.58% from October 3rd of 2019's low at 2,855.94. The move over the last ~3 months has been astounding, and it's essentially responsible for all of the S&P 500's advance the past ~2 years. She's making up for lost time, so it seems.
The S&P 500 gained 0.94% this week with Friday's close at 3,265.35. Friday's close is yet another new all-time high weekly close. The price action this week was rather wild, and the tensions with Iran took center stage.
The S&P 500 declined -0.16% this week with Friday's close at 3,234.85. This week's decline is just the second weekly decline over the last 13 trading weeks. The index traded as high as 3,258.14 on Thursday, a fresh all-time high, only to then reverse to the downside on Friday. Friday saw the S&P 500 open at 3,226.36, trade down to 3,222.34, but close at 3,234.85. All of Friday's decline was attributable to the after- hours and overnight session before markets opened on Friday. The narrative here is easy: It was after market hours on Thursday when we learned about the death of I
The S&P 500 gained 0.58% this week with Friday's close at 3,240.02. Friday's close is yet another fresh all-time high weekly close. The index has now closed 8 of the last 9 weeks at new all-time highs, and has increased 11 of the last 12 weeks. Relentless remains the first word that comes to mind to describe what has transpired the last three months.
In our Weekly Market Update from December 15th, we wrote that:
The S&P 500 gained 1.65% this week with Friday's close at 3,221.22. Friday's close is a new all-time high daily and weekly close. The index has now increased four consecutive weeks, and 10 of the last 11 overall. The lone weekly decline since early October was a -0.33% decline over the week ending November 22nd. Relentless.
The S&P 500 gained 0.73% this week with Friday's close at 3,168.80. Friday's close is a new all-time high daily and weekly close. In our previous Update, we wrote that last week's upside reversal reeked of "accumulation", and that it was suggestive of further drawup over this past week. The S&P 500 traded rather quietly through Wednesday, but then spiked higher on Thursday, climbing all the way up to 3,176.28. The catalyst seemed to be the following tweet from President Trump:
Steve here. Before we get into the markets this week, I'd like to share some huge personal news for a family member of mine. Over the last 15 years, I've spent more time with Rick Nerad than anyone else. He's become far more than a friend, he's a brother. He's one of the most kind, caring, considerate, and reliable human beings I've ever met, and I'm positive these attributes have shined brightly for our clients who've gotten to know him over the years. He's been there for me, and he's probably been there for you, whenever we need him.
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