The S&P 500 Index ($SPY) has reached its highest weekly close ever, continuing a rally that has persisted for five consecutive weeks. The index has traded within a narrow range of under 20 points, marking its tightest trading range since early December. The 50-day simple moving average (SMA) has served as a significant indicator this week, with $SPY and the Nasdaq-100 ($QQQ) bouncing off this average, while the Russell 2000 ($IWM) experienced a sharp rejection, indicating a potential market high. Analysts note that over half of the S&P 500 stocks are now above the 50-day SMA, suggesting that buyers are currently in control. Historical patterns indicate that February gains often accelerate into March, with peaks typically occurring in April.