Indexes Close Out the Week at All-Time Highs 

The PMI Index reported mixed numbers this morning. Manufacturing PMI rose to 63.1 in July, up from 62.1 last month. Services PMI cooled off a bit, down to 59.8 from 64.6. Lack of growth in the service industry has been linked to labor shortages and service providers indicating an uptick in supplier prices. Most of the increased cost has been passed on to the consumer. “However, we’re already seeing signs of inflationary pressures peaking with both input costs and selling price gauges falling for a second month in July, albeit remaining elevated,” said Chris Williamson, at IHS Markit. Investors may see this as a bullish signal as more data supports inflationary pressures topping out.  

Despite starting out the week with a drastic drop, State Street's S&P 500 Index ETF (SPY) is looking to close it out strong with a break above all-time highs. State Street's S&P 500 Index ETF (SPY) is at over 1% on the day and is pressing up with decreasing volume. This is showing a lack of sell-side resistance going into these highs. It seems the bears have been scared off for now. 

Chart courtesy: TradingView

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