SPX weekly comment
The US stock market continues slow grind higher with all indices kicking off June on the positive note and SPX closing within few points of all time high. The best performing sectors over last 30-days have been the Energy posting 6%+ gains with Real Estate coming in second right at 3%. Tech is getting "perky" though finally showing some strength. The recovery rally continues as the economical pulse strengthens with consumer spending, employment data, Fed supporting "easy money", and the pandemic on the decline. With the Q1 earnings season almost in the rear view mirror most of the companies posted very strong numbers (both EPS and Revs). The S&P 500 reported 52% Year-on-Year earnings growth - the highest since Q1 of 2010. No surprise that with the pent-up demand from the consumers, the best performing sector was Consumer Discretionary. Going forward the expectation is for the market to continue the climb. SPX has respected 50-day moving average and bounced right back up into middle of a channel.
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