Weekly Market Update
We once again had a fairly calm market this week. We saw the S&P 500 open at 2119.29 on Monday, and close this afternoon, Friday, May 1 at 2108.29; a small loss of 11 points for the week. The month of April was more of the same, with a monthly gain of a fraction over 17 points. We have been stuck in a very narrow trading range since December with support at 2040, and resistance at 2115.
This week was very similar to what we have seen in recent months. The market seems to move very little, with a fair amount of volatility over a couple of days.
The market, as defined by the S&P 500 does not appear overheated, and it would be a good sign if the S&P can maintain the 2100 level while it consolidates for a possible move upward. I have taken note of the occasion uptick up in volatility, but those levels seem to fall back after a couple of days like we had Thursday and today.
We continue to hold our positions, and will take appropriate action if need be. For now, I will sign off until our next scheduled update on May 8.
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