Weekend Review and Watchlist

Overview

The S&P, NASDAQ, Dow, NYSE Composite, and Russell Midcap, all closed at all time highs on both a daily and weekly close basis. Breadth also made new highs, and bullish sentiment remains elevated.

Here's the 'Correction Roadmap' chart of the S&P. It's yet to have a pullback of more than 5% since the 2015-16 bear market ended, and the new bull began. A 5% pullback from here would still leave it above its 200-day MA.

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Here are the weekly charts of the S&P, NASDAQ, and Dow:-

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Breadth via the NYSE Cumulative Advance/Decline, and for the S&P 500, is at all time highs:-

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Perhaps unsurprisingly with markets at all time highs along with breadth, bullish sentiment among investment advisors and newsletter writers is at historically high levels. Among individual investors however, AAII bullish sentiment is still below its historical average, and is even outweighed by those neutral on the market.

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Sector Analysis

Technology remains at the top, and made new highs along with Consumer Discretionary, Industrials, and Financials.

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Next comes Basic Materials which didn't make new highs but remains above all its MAs, and Energy, which is still below its 20 and 50-day, but put together a strong 3-day bounce from Wednesday's low to finish flat on the week.

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Consumer Staples, Healthcare, and Utilities continue to recover well, and all are now back above their 200-day MA.

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That leaves Real Estate at the bottom, of ten Sector SPDRs the only one below its 200-day, but it did close higher for a second week, at 5-week highs.

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Alpha Capture Portfolio

A disappointing week for our model portfolio -1.4% vs +0.8% for the S&P. Several of our names that have had strong runs have pulled back recently, and we had two further exit signals, making ...

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Weekend Review and Watchlist

Overview

The major indices started poorly but recovered steadily during the week, finishing very strongly Friday with the S&P and NASDAQ recording fresh highs on a weekly close basis, along with the NYSE Composite, and Midcap Index. Breadth remains supportive ...

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Weekend Review and Watchlist

Overview

The S&P 500, NASDAQ, Dow Jones Industrials, NYSE Composite, Dow Transports, and Russell MidCap all closed at all time highs on a weekly basis. Breadth remains strong, and bullish sentiment is below its historical average.

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Sector Analysis

There's ...

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Weekend Review and Watchlist

Overview

The market is going nowhere, and that's a good thing. Well, the next best thing to going up anyway. Equities continue to consolidate prior gains. The major indices were mixed, transports improved, small caps were weaker with the ...

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Weekend Review and Watchlist

Overview

Not much new this week. After a brief period of weakness equity markets recovered off their lows to finish at or near their highs.

The S&P finished near the top of its range of the last 5 days:-

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And ...

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Weekend Review and Watchlist

Overview

The S&P 500 and NASDAQ ended the week at all time highs on both a daily and weekly close basis. The Dow also closed at an all time high on a weekly basis, but finished just shy of the ...

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Comments

Weekend Review and Watchlist

Overview

2016 ended with a mild pullback on the week, with the S&P finishing -1.1% but still up a healthy 9.5% on the year. Bigger picture the uptrend is very much intact, and breadth remains supportive.

Here's ...

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Weekend Review and Watchlist

Overview

A bit of a nothing week with the major indices little changed. The only significance to the midweek Fed announcement was the amount of noise it generated. Price continues to tell the real story. We're in a new ...

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Weekend Review and Watchlist

Overview

Another big week with the major indices all up over 3% to all time highs, and the Dow posting closing records every day this week for the first time in over 17 years (April 1999, h/t @callieabost).

Turning ...

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Weekend Review and Watchlist

Overview

Every now and then it's good to take a look at longer-term charts to help give you perspective for the moves unfolding before your eyes on a daily basis. I have emphasized this in recent weeks and months ...

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Weekend Review and Watchlist

Overview

A positive week for the market which saw big follow-through moves result in new highs for financials, small caps, transports, and semis amongst others. Breadth also improved and bullish sentiment soared along with equity ETF inflows.

Here's the ...

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Weekend Review and Watchlist

Overview

This week was more proof if it were needed, that prediction in markets is futile. Possibly in politics too. I'm not going to pretend I have any valuable insight into the political consequences of what transpired. The more ...

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