Stock Market Week in Review

The stock market has stopped its correction. There were two strong signs of strength: First, the market went below the low of May 18 for three days only to return. This shows
demand overcoming supply. Second, the market almost completely reversed the drop that took it below the May 18 low. The next step will be for the market to move higher than the May 29 high.

Market sector analysis confirms the new bullish bias. All of the sectors under the Staple group lost ground led by Food and Beverage losing 3.6% in relative strength since June 1.
Energy lost another 3.1% (that’s bullish for the economy) and the technology and finance groups moved up by 0.4% while the defensive Staples group lost 1.14%.

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