Not a bad week for the bulls as the 1066 weekly support held and the close was just off the highs of the week. There was a lot going on Friday (Parades, World Cup, Summer) and the volume was nearly non-existent, but that didn’t stop the grind higher. We enter options expiration next week so it will be interesting to see the price action when combined with both the Producer Price Index (PPI) and Consumer Price Index (CPI) data that we get on Wednesday and Thursday respectively.
Decent recovery in the breadth of the major indices and sectors that I track. What looked pretty bleak last week has actually recovered nicely. Interestingly, utilities have varied the most over the past two weeks. I’ve shortened the time seen in the graphs below to show year-to-date data in hopes that the moves would be easier to see. Thoughts?