Weekly Stock Market Review

The stock market continued its barely moving bullish campaign last week. The down move on Friday, in all three major indexes, closed in the middle of the day’s range showed significant demand countering the early selling. The DOW and S&P 500 continue to out perform the Nasdaq. Technology is still struggling. This is putting a drag on the overall market.

Market sector analysis shows a mixed bag. Technology hardware finally showed a small gain in relative strength after five straight months of losses. But telecommunication services crashed. The energy sector lost 1.6% in relative strength. This could mean lower energy
prices in the near future. Stocks tend to move before commodities. Basic materials was another big loser. This suggests economic weakness as even raw materials have very little pricing power. But transportation rose suggesting the exact opposite. The overall graph
of cyclicals versus consumer staples was unequivocally bullish.

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