The S&P 500 experienced its largest weekly loss in over two months, declining 2.4%, primarily driven by a 1.6% drop on Friday following the July jobs report. Despite this recent pullback, the index remains up 6.30% year-to-date, though the S&P Equal Weight's 3.91% YTD gain highlights the outperformance of market-cap weighted leaders. Technically, the S&P 500 has sustained its position above both its 50-day and 200-day moving averages since May, with the 50-day crossing above the 200-day in July, indicating underlying bullish momentum despite the short-term weakness.
The S&P 500 has registered its most significant weekly decline in over two months, falling 2.4%, with a 1.6% drop on Friday alone attributed to the July jobs report. This short-term pullback contrasts with the index's positive longer-term technical posture. Despite the weekly loss, the index remains up 6.30% year-to-date. A key insight from the data is the performance divergence with the S&P Equal Weight Index, which is up only 3.91% YTD, indicating that market gains are heavily concentrated in a few large-cap constituents. From a technical standpoint, the market structure remains constructive; the S&P 500 has held above its 50-day moving average since May 1st and its 200-day moving average since May 12th. Furthermore, the 50-day moving average crossed above the 200-day on July 1st, a traditionally bullish long-term signal that suggests the underlying uptrend remains intact despite the recent bout of volatility.
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