Week’s Best Performer: Nikkei 225 Index +1.7%
Week’s Worst Performer: Crude Oil (4.1%)
Broader Market Commentary:
The S&P 500 broke its weekly winning streak, falling (0.7%) during the holiday shortened week. The benchmark index is finding some technical resistance around the 2,050 threshold, as it continues to create several different challenging technical headwinds. While still resting safely within its higher 100-point record-territory trading level (2,000 – 2,100), the S&P is now in its fourth recent bull-market attempt at newer highs, however, has faltered each time resulting in lower highs (November 2,100+, December 2,100-, December 2,075, March 2,050). This downward slope is creating additional resistance for the market, not to mention the larger bearish head and shoulder pattern that is continuing to take shape. The Lumber-Gold 13-week relative performance macro overlay is still pointing to defensive positioning, as gold has continued to outperform lumber since December.