With no major economic and geopolitical developments around the world, stocks traded in a narrow range and tried to digest the gain. S&P 500 index closed at 2104, down 0.27%, Dow Jones Industrial Average lost 0.04%, while Nasdaq composite index increased 0.15%.
S&P 500 index is trading near its upward trending channel so we do not expect it will have a big jump up. Most likely, with the high momentum, it will move side way or climb along the top of the channel for another few weeks.
Interestingly, in the past couple of weeks the European country index funds have been gaining momentum especially for countries with well established economy. This may be attribute to the Greece debt relief and improvement in economy growth in Euro zone. In the iETF ranking table, Sweden, Netherlands, and Germany have seen their ranks moved up in the past three weeks. International funds have not been able to keep up with the US domestic performance in the past two years. Maybe this year is the year for them to shine.
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| Weekly chart of S&P 500 index |
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