There was some concern heading into Friday that Thursday’s gains were going to be clawed back, but I was surprised by the extent of the buying that did show up. The and had the best of the action.
The S&P 500 made a good “clean” breakout, ending the bear market kicked off at the end of 2021. The weekly buying volume was a little below par, but it was the price action that was most welcome. Weekly technicals are very strong – note the new high in on-balance-volume. Buyers are keen to get involved, although it comes at the expense of small-cap stocks.
SPX-Weekly Chart
The Nasdaq hasn’t made it to a new all-time high, but it continues to build the right-hand-side of its base. As with the S&P, the volume was a little light on the week but technical strength is good. The index is outperforming the S&P, which is in itself, an excellent sign given the move to all time highs in the latter index.
COMPQ-Weekly Chart
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