Weekly Stock Market Review

The stock market fell last week until Friday’s gain reversed most of the losses earlier in the week. Demand was down across the board but the market closed near the day’s high. This suggests very low selling pressure as the market gained almost effortlessly with little resistance.

The stock market sector analysis shows cyclicals leading consumer staples – that’s bullish. But there is trouble on the horizon. Technology including technology hardware, computer
software and semiconductors all fell in relative strength – the latter two by more than 3% and 5% respectively (a 3% move in relative strength is large)>. In addition, a big part of the gain in cyclicals was due to a 4% jump in the relative strength of energy. Costlier energy supplies is bad for the economy.

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