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The S&P 500 plunged -4.25% this week with Friday's close at 5,408.42. The index opened lower to start the week, and the weekly open recorded as the weekly high, so the price action this week was all downhill, literally. Since breaking out to the upside in July, the S&P 500 has been consolidating and mostly trading sideways...and that's a good thing!
The S&P 500 closed the month of June this week at a new all-time high monthly close. The index has now increased two months in a row, rising by 8.44% in the process. We're up five of the first six months in 2024, finished the first half of the year higher by more than 10%, and closed the first half of the year at the highest price in the history of the index. How's that for a bullish trifecta?
The S&P 500 gained 1.85% this week with Friday's close at 5,222.68. Friday's close is the third highest weekly close in the history of the S&P 500 and just 0.60% below our all-time high weekly close at 5,254.35. The index has now increased three weeks in a row following a three-week losing streak the preceding three weeks, and so the conversation now turns toward the retest of our all-time high and the potential breakout of our recent trading range.
The S&P 500 finished the month on Thursday. March's monthly close is a new all-time high monthly close and also marks a five-month winning streak for the S&P 500. Our work, and virtually everyone who is analyzing the S&P 500 through technical lenses, will label the primary trend as up, or "bullish".
The S&P 500 gained 0.95% this week with Friday's close at 5,137.08. Friday's close is a new all-time high daily and weekly close, following Thursday's new all-time high monthly close...there are new all-time highs everywhere! The index has now increased 16 of the last 18 weeks and is higher by 24.77% over that time span. Can this continue? You bet it can!
The S&P 500 gained 1.38% this week with Friday's close at 4,958.61. Friday's close is a new all-time high weekly close, the third week in a row to close at the highest weekly closing price in the history of the index. The S&P 500 has now closed higher 13 of the last 14 weeks and has increased 20.43% over that same time span. It's shocking to write and it's the perfect illustration of our favorite quote: The price of the S&P 500 trades beyond the limits of imagination.
