This Week: The S&P500 (SPX)
U.S. stocks capped the week with a record close on better-than-forecast earnings. Treasury yields fell after data signalled moderate inflation.
S&P 500 Index closed at an all-time high of 2,939.88 after posting a 1.2% gain for the week following positive surprises from earnings releases. U.S. GDP expanded at a 3.2% annualized rate in Q1, beating estimates of 2.3%. Underlying data indicated softer demand, with weak consumer spending and a gauge of inflation coming in below policy makers’ target.
Despite breaking through to new all-time highs, a note of caution that momentum indicators do not seem to be validating price action. Bearish stochastic divergence has formed, in tandem with decreasing volumes.
S&P 500 Index closed at an all-time high of 2,939.88 after posting a 1.2% gain for the week following positive surprises from earnings releases. U.S. GDP expanded at a 3.2% annualized rate in Q1, beating estimates of 2.3%. Underlying data indicated softer demand, with weak consumer spending and a gauge of inflation coming in below policy makers’ target.
Despite breaking through to new all-time highs, a note of caution that momentum indicators do not seem to be validating price action. Bearish stochastic divergence has formed, in tandem with decreasing volumes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.