A couple of weeks ago, the bears were out in full force, but a 4% rally off of the August 7th lows has certainly quieted things down.
As shown below, the S&P 500 is now back in overbought territory (>1 standard deviation above 50-DMA) after trading in oversold territory as recently as last week. As of the close today, the S&P is just 10 points away from its July all-time high. Is another break-out near? (Sign up for a 5-day free trial to the Bespoke Premium service for our thoughts.)
One area that has already broken out is the tech-heavy Nasdaq, which has blown out to new bull market highs this week. For further reference, below is a look at the performance of various asset classes since the market made its short-term low on the 7th of this month. Performance in the US has been pretty even based on market caps, with small, mid and large caps performing roughly inline. From a sector perspective, Health Care, Industrials and Consumer Discretionary have outperformed during this run higher, while Telecom and Energy have lagged.
Things have really quieted down in Ukraine/Russia, and Russia's stock market has benefited the most from this. As shown below, the RSX Russia ETF is up 8.7% since August 7th, which is the biggest gainer of any ETF in the entire matrix. As stocks have rallied during this geo-political "quiet period," commodity prices have gone lower, led by oil (USO) with a decline of 4%. Both gold (GLD) and silver (SLV) are down as well, though.