The stock market closed last week at its weekly high; that’s bullish.

All three major stock index rose last week as the stock market is now in a confirmed bullish trend. The stock market closed at its weekly high on Friday. This is also bullish as it shows that there is minimal selling pressure.

Our relative strength stock market sector table shows a very positive turnaround in the Technology Group. The Semiconductor, Computer Software, Electronics and Technology Hardware Sectors all rose more than 3% since May 1. Our Consumer Staples Group (it tends to go up when the stock market is weak) is now the weakest of the four groups and the only that shrank since May 1. The Transportation Sector rose 4% since May 1 suggesting better economic growth ahead.

Here’s the relative strength chart of the Technology Hardware Sector:

technology

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