Making it four straight up weeks, the S&P 500 closed at 4298 on Friday. With no major economic news, the S&P 500 spent most of the week consolidating (no daily moves greater than one percent) just below the 4300 level until Friday, when it had an intraday high of 4322. Since it was a calm week, lets take a look back. The first trading day of 2022 the S&P 500 made a new record closing high of 4796. On the last trading day of 2022 the S&P 500 stood at 3839, down 957 points for the year. What would it look like if we gained back those 957 points in 2023? That would take us right back to 4796, matching the previous record closing high. So is this scenario realistic? That said, the mid-year target would be 4317. Were three weeks shy of 30 June and the S&P 500 already touched that level on Friday, so yes, it is realistic. Next week we have both the Consumer and Producer Price Index reports and the Fed interest rate decision. If the numbers are good, we could have a nice break out to the upside fueled by some Fear Of Missing Out (FOMO) buying, leading to a close above that 4317 mid-year target level. For TSP TIPS the C fund made new 52-week highs on Tuesday, Thursday and Friday. Also, the S funds 20 day Moving Average (MA) crossed above its 200 MA on Monday. With both C and S funds standing at a bullish Price > 20 MA > 50 MA > 200 MA, our current investment mix remains solid.
Making it four straight up weeks, the S&P 500 closed at 4298 on Friday. With no major economic news, the S&P 500 spent most of the week consolidating (no daily moves greater than one percent) just below the 4300 level until Friday, when it had an intraday high of 4322. Since it was a calm week, lets take a look back. The first trading day of 2022 the S&P 500 made a new record closing high of 4796. On the last trading day of 2022 the S&P 500 stood at 3839, down 957 points for the year. What would it look like if we gained back those 957 points in 2023? That would take us right back to 4796, matching the previous record closing high. So is this scenario realistic? That said, the mid-year target would be 4317. Were three weeks shy of 30 June and the S&P 500 already touched that level on Friday, so yes, it is realistic. Next week we have both the Consumer and Producer Price Index reports and the Fed interest rate decision. If the numbers are good, we could have a nice break out to the upside fueled by some Fear Of Missing Out (FOMO) buying, leading to a close above that 4317 mid-year target level. For TSP TIPS the C fund made new 52-week highs on Tuesday, Thursday and Friday. Also, the S funds 20 day Moving Average (MA) crossed above its 200 MA on Monday. With both C and S funds standing at a bullish Price > 20 MA > 50 MA > 200 MA, our current investment mix remains solid.