Analyst Commentary:

• The S&P 500 gained 0.91% over the past week. The 10-week breadth indicator, which measures the percentage of constituents above their 10-week moving average, reversed higher, pointing to a strengthening in near-term participation.

• The S&P 500 has seen 12 bull markets since 1949. The current bull market has doubled the index since October 2022, but at ~3.5 years old, it remains well below the 5.5-year average—suggesting further upside potential.

• Small-cap equities remain a key market theme, with leadership concentrated in energy. The small-cap energy ETF PSCE is up roughly 45% year-to-date, underscoring the sector’s outsized contribution to performance.

• Despite recent improvements across the broader technology sector, software continues to lag. The Tech-Software Sector representative IGV is down ~18% year-to-date, underperforming broader tech proxy XLK by nearly 30%.

• The S&P 500 gained 10.4% in April, lifting its rolling 3-year Sharpe ratio to 1.1. This marks a 92nd percentile reading relative to observations since 2001, highlighting strong risk-adjusted performance.

Nasdaq Dorsey Wright’s Weekly Featured Chart:

 To read more on SPX bull markets, you can read Monday'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 Invesco Dorsey Wright Momentum ETF (PDP) seeks to provide exposure to U.S. equities that exhibit strong relative strength and momentum characteristics. The Fund is based on the Dorsey Wright® Technical Leaders Index, which uses a systematic, rules‑based methodology designed to identify securities demonstrating powerful price momentum relative to their peers. PDP is rebalanced periodically to reflect changing leadership trends, aiming to keep the portfolio aligned with areas of the market exhibiting the strongest momentum. To learn more about PDP, Click HERE.

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

This week, Miles Clark and Joseph Tuzzolo discuss historical bull markets, weakness in the software space, momentum streaks, and crude oil. To listen now, click HERE or on the image below. 

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