Chart of the Day - Friday, June 9, 2023

For the first time since Nov 2021, we had a week full of quiet strength:

No days with a 1% swing in the S&P 500 AND no days with new lows exceeding new highs. pic.twitter.com/QS7C7Yr3L5

— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 9, 2023

Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). The S&P 500 continued higher for the fourth consecutive week, rising just +0.39%. It wasn't much, but it was enough to mark yet another 52-week high (on a weekly closing basis). Willie points out that this was the first week since before the market topped, where the S&P 500 had no daily swings greater than 1% and no days with new lows > new highs. This type of "quiet strength" represents a shift toward bull market behavior, where the index grinds higher on low volatility, supported by broad strength beneath its surface.