After trading down every day from Monday through Thursday this week, the S&P 500 charged back for a gain of 1.90% on Friday. Friday's gain put the index back into the black by a small amount for the week. If this week's action seems familiar, it's because the same thing just happened during the week of July 9th through July 13th. From Monday through Thursday of that week, the S&P also fell every day only to post a big gain on Friday to make up the losses of the prior four days.
Today's big gain pushed the index to its highest close since May 3rd. As we highlighted in our prior post, however, underlying breadth was not there, so the bulls still have a lot of work to do before we would call this a healthy rally.
After another crazy week, where does the market go from here? Please take part in our weekly market poll below which asks whether the S&P 500 will be higher or lower one month from now. We'll report back with the results on Monday before the open. Thanks for participating and have a great weekend! If you're looking for more unique market research from Bespoke, sign up for one of our subscription services today and access our popular Week in Review newsletter.