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Finally! After seven consecutive losing weeks for the S&P 500, the index managed to close higher this week. And it was quite the move with SPY up more than 6% for its best one-week gain since the first week of November 2020 (Election Week).
Looking for further insights into the move, we noticed that the market also traded higher during regular trading hours (from the open to the close) on all five trading days this week as well, which signifies a sentiment-driven rally with buyers rushing into stocks intraday due to FOMO (fear of missing out). In SPY’s history, there have actually been 50 other weeks since the ETF began trading in 1993 where it gained from the open to the close on all five trading days from Monday through Friday. But this was the first time we’ve seen SPY post intraday gains all five days during the week with at least four of those gains being 1% or more.
For the month now, the S&P 500 is up 0.65%, and the bond market is also up more than 1%, which means that if we can make it one more trading day (Tuesday) without falling apart, all of those “60/40” investors out there will be able to open their May statements without a spike in blood pressure!
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