School has been back in session for less than a month now, but the S&P 500 already had its first test of the semester and came out passing with flying colors. After breaking out to new highs at the end of August, the S&P 500 pulled back in early September and found support right at its prior highs from January. After holding that level, the S&P 500 has now traded higher on eight of the last ten trading days, rallying to higher highs. It doesn’t get much more textbook than that!
Heading into the week,the DJIA was the only major US index that had yet to take out its January high, but that changed this week as the index closed out the week with four straight days of gains. While most other indices ran into resistance on their first attempts to take out their highs from January, the DJIA just buzzed right through it.
We’ve just published our latest weekly Bespoke Report newsletter, which is available to subscribers across all three of our membership levels. Sign up here to read the report.
To get up to speed on our thoughts regarding the market’s direction going forward, choose any membership option and access this week’s full Bespoke Report newsletter after signing up! You won’t be disappointed. Some of the topics discussed in this week’s report include:
- Index and sector breadth checkup
- US economy update
- What major indicators say about the odds of a recession
- How recent earnings report stack up
- An ‘Industrious’ rally
- Commodities and the Materials sector
- Mutual fund and ETF flows
- High yield spreads
- Rotational forces
- Model Growth Portfolio update