Week of July 17, 2023
The Standard & Poor’s 500 stock index (SP500) continued to advance last week and, notably, the number of companies in the SP500 participating in the gains has broadened. This is not unusual in an unfolding bull market. As we noted recently, the gains in the SP500 initially were largely concentrated amongst a handful of large technology companies that benefitted from the A.I. theme. Given this broadening, we have changed our characterization of the S&P 500 Signal to recognize this breadth improvement. There were no other changes to our Signals.
Bob Bilkie, CFA