With all the volatility and negative news flow, perhaps you’ll be as surprised as I was to see the S&P 500 (SPY) actually finished higher by +1.8% on the week. Of course, over the last four weeks, the SPY remains down -5.9%.
Nevertheless, most US sector and style ETFs remain above their 10-month moving averages with the notable exceptions of Materials (XLB), Energy (XLE), and Small-Cap Growth (PXSG). Holiday shortened Week 22 brings a change of month and the Junes job’s report. Meanwhile, enjoy your Memorial Day holiday.
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