A brief overview of last week's market action.

Analyst Commentary:

• The S&P 500 gained 3.56% over the past week. The index is now up roughly 7% over the last two weeks, supported by improving participation, as several technical indicators continue to move higher.

• Momentum returned in full swing to start the second quarter of 2026. The Momentum factor representative MTUM gained more than 10% in April alone, reaching a new high and extending the strong performance seen in recent years.

• The Dow Transport Theory says transportation stocks can be a leading indicator of equity market strength and real‑economic activity. The Dow Jones Transportation Average is up over 10% YTD, signaling an improvement in economic participation.

• After a volatile start to Q1, markets rebounded over the past week, with broad sector participation driving gains. Energy was the lone laggard, down roughly 4% as ongoing geopolitical tensions in the Middle East continued to weigh on the group.

• Last Wednesday’s move left crude oil down more than 16% and marked its fifth 10% daily swing of 2026. Historically, volatility at these levels has tended to give way to mean reversion over the following year.

Nasdaq Dorsey Wright’s Weekly Featured Chart:

 To read more on momentum, you can read Thursday's featured article HERE.

Major US Index Technical Review:

A summary of the performance of major indices, in addition to their Point & Figure information. 

The Group Score Minute:

Senior Equity Specialist Steve Raymond dives into the latest trends and changes within our Asset Class Group Scores. To listen now, click HERE.

Nasdaq Dorsey Wright Products:

The AdvisorShares Dorsey Wright FSM U.S. Core ETF (DWUS) is comprised of 2 ETFs---primarily in domestic large-cap equities---that demonstrate in our opinion, favorable relative strength characteristics. During periods in which the Advisor believes the market indicates broad equity weakness and cash strength, the Fund invests in fixed-income ETFs with a short or ultra-short duration, money market funds, cash and cash equivalents. To learn more about DWUS, Click HERE.

Want More? Don't Miss Out on Our Podcasts!

This week, we introduce our Q2 2026 "Weight of the Evidence", detailing market movement from Q1 2026 and discussing upcoming trends as enter the second quarter. NDW Senior PM John Lewis and Senior Analyst Miles Clark are joined by Nasdaq expert Yanni Angelakos. To listen now, click HERE or on the image below. 

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