May 24, 2023
Weekly Market Outlook
By Donn Goodman and Keith Schneider
Last week we shared with you a number of dark clouds casting a shadow on the markets. We emphasized that it was a point where the markets (both stock and bond) either broke down or broke out.
We got to witness both.
The stock market rallied out of a long sideway consolidation pattern and made a new year-to-date high as well as a positive 52-week period. The S&P 500 was up 1.71%, and the NASDAQ 100 was up 3.53% for the week. It was a good positive week, given the potential dark clouds.
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Additionally, the advance-decline lines improved, showing strength in markets that just a week earlier had many analysts and economists voicing ongoing concern. As you’ll see in the charts of the Nasdaq 100 and S&P 500 below with their advance / decline lines (in red), they both seem to be doing fine. See chart of Nasdaq below:
