S&P 500 Hits a New All-Time High (Not Yet Confirmed by the NDX or DJI)

Technical Stock Market Briefing for Day & Swing Traders
| By Harry Boxer, Technical Market Analyst

The major U.S. stock indexes climbed for the second week in a row, with a rally on Thursday pushing the S&P 500 above the record high set seven weeks earlier.

The Dow and the NASDAQ also recorded weekly gains but remained around 1% below the records they set last month.

Specifically, the S&P 500 advanced 1.7% for the week (3.7% year-to-date), with the Nasdaq gaining 1.7% as well (3.3% year-to-date). The Dow Jones Industrial Average (DJI) led with a weekly gain of 2.2% (4.4% year-to-date).

The leading sectors last week included communication services, which gained 4% (6.3% YTD), and healthcare, which advanced 3% (5% YTD). The biggest laggard was energy, down nearly 3%, although it remains up 6% for the year so far.

Technology experienced a comeback last week ahead of Q3 earnings, with the tech, energy, and communications sectors leading the market over the past month. The AI frenzy and semiconductor surge have driven growth in tech stocks, with software companies also showing strong momentum.

Growth stocks outperformed value shares for the first time this year, as measured by Russell indexes. Large-cap indexes generally outperformed their smaller-cap peers.

Bitcoin prices set a fresh all-time high above $109,000 earlier in the week, fueled by optimism over the incoming “crypto-friendly” administration. Over the weekend, Bitcoin was trading around $104,900.

Overseas, European markets have been even more robust, with France, Germany, and Italy all recording gains of 8–9% early in the year.

Chinese stocks rose amid news that President Trump may be taking a softer stance on China tariffs. The Shanghai Composite Index added 0.33%, while the blue-chip CSI 300 was up 0.54%. In Hong Kong, the benchmark Hang Seng Index gained 2.46%, according to FactSet.

The price of U.S. crude oil fell more than 3%, snapping a string of four weekly gains. On Friday afternoon, oil was trading around $74 per barrel, down from a recent high of more than $80 per barrel on January 15. Year-to-date through Friday, oil remains up about 5%, supported by strategic investments and China’s renewed economic support.

Technical Outlook:

In my weekend webinar, I’ll be showcasing dozens of stocks in strong rising trends, and I suspect many will continue their upward momentum despite their lofty levels. It’s shaping up to be a stock-picker’s market. For my specific stock picks, log into thetechtrader.com and subscribe for free – no credit card required.

As always, “Trade What You See Technically, Not What You Think.

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