The Standard and Poors 500 index (SPX) closed today at 6389, up 25 points or 0.4%. SPX opened the week at 6305, for a weekly increase of 1.3%. Trading volume ran along the 50-day moving average (50 dma) all week. 

VIX, the volatility index for the S&P 500 options, opened the week at 16.9% and declined all week, closing today at 14.9%. Volatility has been steadily declining for the entire month of July.

I track the movement of the top 100 S&P 500 stocks ranked by beta, SPHB, to monitor the movement of high beta stocks. SPHB closed at 103.7 today, up 0.8% today and up 0.7% for the week. The high beta stocks of the S&P 500 have been steadily rising since late May, a very bullish sign. 

The NASDAQ Composite index closed today at 21,160 , up 50 points or 
0.2%. NASDAQ opened the week at 20,960, setting up a weekly gain of 0.95%. NASDAQ’s trading volume ran above the 50 dma all week.

The market’s worries about tariff negotiations, inflation, Ukraine, and Iran/Israel appear to be lessening. All of the broad market indices continue to make new highs. Most bullishly, the high beta stocks of the S&P 500, SPHB, have been steadily trading higher since May.
The earnings announcement cycle began last week, but market reactions have been muted, without any significant market-moving surprises thus far. The bullish trend appears more solid each week.