A Well-Respected Bull Move

1/?A Weekly Look at the S&P 500

It is a new week, and I am happy to back with you looking at some charts. Last week was a solid week for the major indices, though volume was light on the holiday shortened week.??

The market cap weighted S&P 500 has had a great year so far. The chart below shows a well-respected channel since the bull move began in fall 2022. The 30-week moving average is up and the price is firmly above it. The elder bars are still green, but the top of the channel is now being hit. Seasonally, July is the best month of the third quarter, but returns are front loaded in the beginning of the month.??

We must respect the trend, and this is not a call for a top. There could be a throw over acceleration of the trend. Price could even ride the upper trendline. It is worth noting the distance from the 30-week moving average and the upper trendline could provide a “logical” place to digest some gains.?

2/ The Same 500 Stocks, but an Equal Vote

One thing that has been interesting to me is the spread between the capitalization weighted averages and the same equal weight version. The gains have been concentrated in a few large cap names...

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