For the second consecutive week, the four major U.S. stock indices finished essentially unchanged. This recent sideways action leaves the S&P 500, Dow Jones Industrial Average and Russell 2000 all around 2.5% higher for the year, with only the tech-heavy Nasdaq 100 in negative territory, down 3%. #-ad_banner-#The benchmark S&P 500 continues to negotiate formidable overhead resistance at 2,104 to 2,135, as discussed in last week’s Market Outlook. The strongest sectors last week were energy, consumer staples and utilities, while financials and consumer discretionary were the weakest. … Read More
For the second consecutive week, the four major U.S. stock indices finished essentially unchanged. This recent sideways action leaves the S&P 500, Dow Jones Industrial Average and Russell 2000 all around 2.5% higher for the year, with only the tech-heavy Nasdaq 100 in negative territory, down 3%. #-ad_banner-#The benchmark S&P 500 continues to negotiate formidable overhead resistance at 2,104 to 2,135, as discussed in last week’s Market Outlook. The strongest sectors last week were energy, consumer staples and utilities, while financials and consumer discretionary were the weakest. The table below shows that the biggest positive changes to inflows over the past one-week and one-month periods were in health care, according to Asbury Research’s ETF-based metric. Meanwhile, the biggest outflows during the past one-month and three-month periods came from consumer discretionary, which has declined by 2.5% over the past month compared to a 0.6% rise in the S&P 500. As long as the recent assets flows into health care continue, we can expect relative outperformance from this sector in the weeks ahead. 3 Reasons For A Near-Term Pullback In last week’s… Read More