The S&P 500 gapped higher in the middle of the week and set a new record high before the weekend, notes the analysis team at BBH.
“The gap has not been entered, let alone closed, and is found between 2429.3 to 2435.75. While the gap may be a force to attract prices, the momentum indicators are strong and favor additional near-term gains. The earnings season has already begun but picks up in the week ahead. There was disappointment over the bank earnings reports, and ahead of the weekend, and financials were the only sector to lost ground (~0.5%). For the first time in a month, both the Russell Value and Russell Growth Indices advanced last week (0.75% and 2.1% respectively).”
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