Chart of the Day - Friday, August 2, 2024

🏆 Today's Chart of the Day was shared by Gregory Krupinski (@G_krupins). 

• The S&P 500 ($SPY) closed lower for the third consecutive week, dropping -2.12%.

• While Stocks had their second-worst week of the year, Bonds had their best week in well over a year. The U.S. Aggregate Bond ETF ($AGG) rose +2.06%, scoring its first 52-week high since July 2020.

• Greg points out that it was a big week for the 60/40 portfolio. $AGG/$SPY jumped +4.25%, marking its best week since March 2023. However, this was a risk-off move, indicative of a flight to safety.

The Takeaway: Bonds broke out to new 52-week highs, while Stocks sold off for the third straight week. This was a solid week for investors with a traditional 60/40 portfolio, but there's nothing bullish about this flight to safety.