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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!
The S&P 500 fell -0.74% this week with Friday's close at 4,288.05. The index has now decreased four weeks in a row for the first time since the end of 2022. Looking ahead, we now believe the picture is favorable for the S&P 500 over the near term. We'd recommend investors exercise patience over panic. Have a read!
The S&P 500 fell -2.27% this week with Friday's close at 4,478.03. The index closed higher by a smidgen on Monday but never found its way back into the 4,600s, and then declined each and every trading day the remainder of the week. The price action on Friday felt particularly negative, with the S&P 500 trading up to 4,540.34 during the session, only to then reverse lower by -1.37% into Friday's close. The seat belt light is on, but the primary trend is up so we anticipate any trade down towards the ~4,300 region to be a buying opportunity.
The S&P 500 gained 1.83% this week with Friday's close at 4,282.37. The index has now increased three weeks in a row and Friday's close is the highest weekly close since April 14, 2022. We can't help but chuckle a bit at what transpired in both April and May where we wrote week after week how pivotal the price action would be, and instead the S&P 500 just parked itself in neutral and did absolutely nothing for two months. So, maybe it's June that's going to be the pivotal month, and if the first two days are any guide then perhaps the pivot is truly to the upside.
The S&P 500's been "stuck" for two years now. What the S&P 500's price action in April did do is put the S&P 500 in position to break out to the upside. We called April's price action pivotal, but the S&P 500 decided to sit idle in park for the majority of the month and that's anything but a pivot. So now it's the price action in May that will probably prove pivotal and we can't imagine the index can idle for another month.
The S&P 500 finished the month of March last week at 4,109.31, a gain of 3.51%. At March's month end, our work labeled the primary trend as "neutral", or trendless. However, much like the S&P 500 has first and goal from the 5-yard line on the daily chart, the index also has first and goal from the 5-yard line on the monthly chart too. Can the index breakout?
