Popular measure of market breadth has dropped slightly but raises no alarm bellsAs we near the end of the quarter it is time to assess how US stocks have fared. AI stocks and chipmakers continue to lead the pack but some of the Magnificent Seven stocks appear to be experiencing a slowdown in performance, on track for low single digit gains for the second quarter.
The S&P 500 respected the 5,500 mark last week, simultaneously printing a new all-time high. On Monday, the index trades up at the end of the London session, appearing on track for a retest of last week’s line in the sand.print for Q1 and US PCE data on Friday could both have an impact on the market. US GDP moderating is actually seen as a positive as long as the data does not capitulate.
The overbought status of the market via the RSI indicator suggests bulls may look for a consolidation or minor pullback before contemplating another advance but a lot depends on the data at the end of the week. Support appears at 5,260.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
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