Market Overview: Choppy Start, Strong Finish
The S&P had a tale of two halves this week, starting with some serious selling pressure before staging a convincing recovery into the weekend. We opened Monday at 7,439 and immediately got hit, selling off to 7,372 before finding some footing. Tuesday continued the weakness, gapping down to 7,382 and grinding lower to test 7,353 - which turned out to be our week's low.
That 7,353 level proved crucial. Wednesday marked the reversal, opening at 7,399 and rallying nearly 90 points to close at 7,447. Thursday built on that momentum beautifully, pushing through 7,486 and maintaining strength. Friday saw some early strength with a gap up to 7,499, tagging 7,524 for our week's high before pulling back modestly to close at 7,492.
Net result: +51 points on the week (+0.7%), but the 170-point range tells the real story. This wasn't a sleepy grind higher - we had legitimate two-way action with clear support and resistance levels. The fact we held that Tuesday low and never looked back is textbook bullish price action.