The S&P 500 continued its upward trajectory last week, posting a 0.3% gain and reaching new record highs, despite a Friday dip attributed to a weak August jobs report, bringing its year-to-date return to 10.44%. The index maintains a bullish technical posture, trading above its 50- and 200-day moving averages, with the 50-day having crossed above the 200-day since July 1st. Notably, the market-cap weighted S&P 500's 10.44% YTD gain significantly outperforms the S&P Equal Weight Index's 7.54% YTD return, indicating that larger capitalization stocks are predominantly driving the index's advance and suggesting a narrower market breadth.
The S&P 500 demonstrates continued upward momentum, marking another record high and closing the week with a 0.3% gain, bringing its year-to-date return to 10.44%. This advance occurred despite a minor pullback following a weak August jobs report, highlighting the market's underlying strength. The index's technical posture is unequivocally bullish; it has remained above its 50-day moving average since May 1st and its 200-day moving average since May 12th, with the 50-day crossing above the 200-day on July 1st, a strong positive signal. The most critical insight from the data is the significant performance divergence between the market-cap weighted S&P 500 (+10.44% YTD) and the S&P 500 Equal Weight Index (+7.54% YTD). This 290-basis-point gap indicates that the market's rally is characterized by narrow breadth, with a small number of mega-capitalization stocks disproportionately driving overall index gains.
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mildly positive
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0.20
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