S&P 500: The last time the S&P 500 was up four weeks in a row was in August 2022

 


The S&P 500 broke above a key resistance level at 4,279 on Friday, up three weeks straight, after the U.S. Senate passed the debt limit bill and the NFP report came in better than expectations. The FOMC meeting is 9 days away. According to the CME FedWatch Tool, the possibility of a 25-basis point hike at the June FOMC meeting is 25.3%.

Technology stocks have been leading the market this year. All eyes will be on Apple's World Wide Developers Conference on Monday, where the company typically introduces new software for their products and it's possible that the company could bake more AI into those updates. Apple is also expected to launch their next big thing at WWDC, the long-awaited VR/AR headsets.

The S&P 500 will exit a correction at 4,337 if Apple stock can break its Jan'22 all-time high at $181.13 next week. Be aware though, the last time the S&P 500 was up four weeks in a row was in August 2022. 

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!



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