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New highs at hand since upside participation remains broad-based!

May 30th 2021

Market Review

U.S. stocks finished the week in positive territory. The Dow Jones Industrial Average gained 0.9% over the week to close at 34,529.45. The S&P 500 recorded a weekly gain of 1.2% and finished at 4,204.11, sitting just 0.8% from its record high. Both benchmarks broke a two-week losing streak. The Nasdaq ended at 13,748.74 and increased 2.1% over the past week. For the month of May, the 30-stock Dow and the S&P 500 gained 1.9% and 0.6%, respectively, posting their fourth up month in a row. The tech-heavy Nasdaq, however, suffered a 1.5% loss this month for its first negative month in seven. Most key S&P sectors ended in positive territory for the week, led by the discretionary sector; the utilities sector led decliners. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, closed near 16.8.

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Consolidation period is close to end as market internals remain robust!

May 23rd 2021

Market Review

U.S. averages finished the week with a mixed performance. The Dow Jones Industrial Average lost 0.5% over the week, to end at 34,207.84. The S&P 500 declined 0.4% from last week’s close to finish at 4,155.86. The Nasdaq closed at 13,470.99, ending the week 0.3% higher and breaking a four-week losing streak. Among the key S&P sectors, the health care sector was the best weekly performer, while energy dragged the most. The Chicago Board Options Exchange Volatility Index, the gauge of S&P 500 options known as the VIX, ended at 20.2.

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No need to panic as consolidation still remains supportive in its nature!

May 16th 2021

Market Review

U.S. stocks experienced a roller-coaster week that saw the major averages drop several percentage points from Monday to Wednesday. The indexes have rebounded from the sell-off, but the sharp gains on Friday were not large enough to reverse weekly losses. Finally, they posted modest losses for the week. The Dow Jones Industrial Average slipped 1.1% in that time period to finish at 34,382.13. The S&P 500 dipped 1.4% in five trading days to end at 4,173.85. The Nasdaq finished at 13,429.98 and lost 2.3% this week. Among the key S&P sectors, the consumer staples sector was the best weekly performer, while discretionary dragged. The CBOE Volatility Index (VIX) – seen by many investors as the best “fear gauge” on Wall Street – traded near 18.8.

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New record highs in place and still no signs of a major trend reversal visible!

May 9th 2021

Market Review

U.S. stocks finished the week mostly with strong gains and with two major indexes posting new record highs. Closing at a record of 34,777.76, the Dow Jones Industrial Average rallied 2.7% for the week to break a two-week losing streak. The S&P 500 booked a weekly gain of 1.2% and closed at a record of 4,232.60. The Nasdaq finished at 13,752.24 and shed 1.5% this week. Most key S&P sectors finished higher, led by the energy sector. The CBOE Volatility index (VIX), widely considered the best gauge of fear in the market, dropped to 16.7.

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Increased volatility in place but still no reason to get concerned at the moment!

May 2nd 2021

Market Review

U.S. stocks wrapped a busy week that left the major averages mostly unchanged for the week. The Dow Jones Industrial Average lost 0.5% for the week to close at 33,874.85. The blue-chip index rose about 2.7% in April and is up 10.7% year to date. The S&P 500 hit a closing record on Thursday and ended the week virtually unchanged at 4,181.17. The broad index notched its third straight month of gains in April, adding more than 5%. For the year, the index is up 11.3%. The Nasdaq declined 0.4% over the week to end at 13,962.68. Still the heavy-tech benchmark is up 5.4% month to date and 8.3% year to date. Most key S&P sectors closed higher for the week, led by the energy sector. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, closed below 18.6.

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