The S&P500 index was up 0.0% last week and closed in all time high 317.3 level, we are getting real close to the 320-325 levels we have forecasted for the market all those weeks ago.
The last half of the week was up nicely with increasing volume which is a sign of strength for the up-moving market, and again we are close to oversold levels (as measured by the RSI) but not quite there yes, we still have a few points to gain before a correction will be visible.
It has been a choppy market with volatility up, as we said before, we expect volatility to rise again in the coming weeks based on a number of factors which we have stated in the previous market outlook.
This market outlook includes our sector distribution in out long (live trading) portfolio
Cash products (foreign exchange) and financials pull large parts of the portfolio gain, the rest are somewhat evenly distributed with energy and real estate at the bottom of our list.
We remain cautious for now as we recommend gradually increasing risk in equities but staying nimble on open positions, especially those sensitive to global conditions, despite the fact that we have a target estimate for the S&P to reach 320-325 levels.
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