Last week’s slight overbought start precipitated a modest pullback, with the S&P 500 (SPY) finishing lower by -0.5%. However, sector action was mixed. Although Energy (XLE) fell back -3.4%, for instance, Consumer Discretionaries (XLY) still managed a bullish advance of +0.7%.
Most areas of the market continue to look quite bullish. My slight concern for next week is the fairly strong VIX stretch below its three week moving average.
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