The week began with a sense of determination – after a few difficult days battling a pessimistic market, investors were keen to add confidence to their positions. Soon after the opening bell on Monday, the bulls were let out of their cages, sending SPY climbing by more than three dollars.
SPY continued its rebound on Tuesday and Wednesday. Tuesday morning’s modest CPI reports indicated growth but also confirmed that inflation was at a healthy level. The markets reacted favorably, and SPY climbed. Wednesday’s gains in the tech and healthcare sectors added to the momentum and propelled SPY back up into the low-282’s.
Thursday broke the three-day winning streak as SPY took a break. Trading mostly within a dollar’s range and finding support at the pivot, it closed slightly lower. Losses in the healthcare, communications and industrial sectors kept the bulls at bay.
Friday began on what appeared to be a shaky foundation, without any clear direction presenting itself. However, by the afternoon, gains in the tech and retail sectors helped SPY climb. After some profit taking near the end of the day, SPY closed off the week on a high note.
Hugh Grossman, Head Trader at Day Trade SPY.
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