The US stock market has had it share it drama, what with all the volatility in 2018.
As of May 24, the Dow Jones Industrial Average is basically flat on the year and the S&P 500 Index is up roughly 2%.
Yet as we head into summer, I think things may be looking up.
Technical analysts have noted that the 58% of the stocks in the S&P 500 are trading above their 50-day moving average.
More broadly, “seven of eleven sectors have healthy readings above 50%,” according to an analysis Bespoke Investment Group.
There’s also good news on the market sentiment front.
Bullish sentiment advanced to 38%, up from 36%. That’s the third straight week of up gains.
It’s also the best sentiment since a recent high in mid-April, according to Bespoke.
As we transition into June, I think there are tentative signs of momentum in the US stock market.
Earnings are robust, and investors are starting to feel more bullish about the outlook.