Last week, equity markets maintained their upward momentum, propelled by solid growth indicators.
Markets The S&P 500 index recorded a 0.4% increase, with notable strength observed in the utilities, banks, and healthcare sectors. However, there was a relative lag in performance within the technology and telecom services sectors, which have historically been among the market leaders. As the first quarter of 2024 draws to a close, it's evident that we've witnessed a whirlwind of economic and market activity.
For instance, in the AAII survey, the ratio of bulls to bears is nearing levels that were not observed in over a decade. This surge in bullish sentiment is noteworthy for its stark absence of bearish sentiment, a trend that mirrors the prolonged period of market gains and subdued volatility. While these contrarian indicators have historically been reliable predictors of market corrections, they do not guarantee an immediate downturn.
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