Stocks Surge To Start 2023. Is 2023 Off To The Races?
The S&P 500 gained 1.62% this week with Friday's close at 4,136.48. Friday's weekly close is the highest weekly close since August of 2022. The index has now closed higher four of the last five weeks and has gained 7.73% over that time period. Based on January's strength our work now labels the primary trend for the S&P 500 as trendless, or "neutral". About all that's left for the S&P 500's primary trend to be labeled as up or "bullish" is for the index to close the month of February above the ~4,130 level. It feels like every month has been a pivotal month of late and the price action in February is no different.