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July 2021 lived up to its seasonal script of being the only summer month that typically sees gains. The S&P 500 (SPY) is ending the month with a solid gain of 2.5%, although it dipped red in the final week of the month as earnings and renewed COVID concerns stalled the rally a bit. While large-caps fell in the last week of July, it was good to see small-caps and mid-caps bounce back with gains after trading poorly for the better part of the month. For most of the past month or so, there’s been a concern among bulls that the rally was thinning, so this bounce back in small-caps and general breadth is a positive sign.
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