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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.
The S&P 500 gained 0.32% this week with Friday's close at 4,769.83. Friday's close is a new all-time high weekly close for the S&P 500, and that's something we haven't been able to write for almost exactly two years! The index has now increased an astounding nine weeks in a row, its first nine-week winning streak since the week ending January 23, 2004 (and before that September 1, 1989!). From our view, it would be normal, healthy and even ideal for the S&P 500 to take a breather over the weeks ahead. A trade down toward the ~4,600 region in January would serve to recharge the battery for a breakout to new all-time highs in February.
The S&P 500 gained 0.77% this week with Friday's close at 4,594.63. The index has now increased five weeks in a row, gaining a massive 11.59% in the process. Ironically, all the S&P 500 did this week was trade back up to the same price it was at on July 27, a little more than four months ago. it's once again now all about follow-through, follow-through and more follow-through!
The S&P 500 exploded higher by 5.85% this week with Friday's close at 4,358.34. Wow...what a difference a week makes! The trillion-dollar questions now are whether or not 4,103.78 will hold as the bottom for the remainder of 2023 (and perhaps also throughout all of 2024), and whether or not this week's upside explosion is an "all-clear" sign for the S&P 500. Have a read to find our answer!
