A Mixed Week After Three Strong Ones
U.S. stock indexes posted mixed weekly results last week, flattening out after three consecutive weekly gains pushed the S&P 500 and the Nasdaq to record highs.
The technology-heavy Nasdaq Composite led gains, followed by the S&P 500 and Russell 2000 indexes. Strong results for semiconductor stocks lifted the Nasdaq to a 1.5% weekly gain, while the S&P 500 finished just fractionally higher.
Growth Continues to Outpace Value
U.S. growth stocks outpaced their value counterparts for the fourth week in a row, chipping away at value’s year-to-date performance lead over growth. A growth benchmark gained more than 16% over the four-week stretch versus just 8% for its value counterpart.
Some generally positive economic data, ongoing strength in AI-linked stocks, and upbeat earnings results helped offset continued uncertainty surrounding the U.S.-Iran conflict.
The Russell 2000 small-cap index leads the way year to date with a 12.3% gain. The Nasdaq Composite is up 6.9% while the S&P 500 has moved ahead by 4.67%.
Oil Climbs Back Toward $95
The Strait of Hormuz, where around a fifth of global oil supplies move through, remains closed, pushing oil prices back up. U.S. crude was trading around $95 per barrel on Friday afternoon, up from roughly $83 at the end of the previous week. Even with the weekly rise, oil remains well below its year-to-date peak of around $113 reached on April 7.
Key SPX Technical Levels to Watch
Resistance at SPX 7,175-95, 7,250, and 7,385-7,400. Support lies near 7,050, 7,000, 6,900, and 6,750.
In any case, as we always do at TheTechTrader.com, we’ll Trade What We See, Not What We Think.
— HARRY BOXER, THE TECHNICAL TRADER | www.thetechtrader.com
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