S&P 500 Index Closes At Record Heights, Reaches Most Overbought Conditions Since January 2020
The S&P 500 index concluded Thursday’s session at 5,171, marking a 1% increase and reaching fresh historical highs.
This rally shifted the week’s momentum to positive, potentially marking the 17th gain in the last 19 weeks, unless the index falls by 0.4% on Friday.
Since the end of October, the index, as monitored through the SPDR S&P 500 ETF Trust (NYSE:SPY), has surged over 25%, a testament to the strong trend driving the U.S. equity market.
Currently, the breadth of the market remains healthy with 71% of the S&P 500 stocks trading above their 50-day average, and an even more impressive 74% surpassing the 200-day average. The latter is inching closer to the 75% threshold, a peak not reached since January and the highest since October 2021.
Chart: S&P 500 Breaks All-Time Highs Again
Diverse Sector Performance Defines This Week’s Rally
In a significant departure from previous weeks when the technology sector was predominantly at the forefront of the S&P 500’s advances, this week witnessed a nuanced shift in market leadership.
Sectors that had previously lingered in the background, overshadowed by the tech behemoths.
