Last week's indicator update suggested that nosotros needed to run across a broadening of the marketplace rally inwards gild to rest inwards bull marketplace mode. We did, indeed, run across that broadening early on inwards the week, equally nosotros made novel highs inwards the expose of stocks registering 65-day highs vs. lows (middle chart) as well as saw stocks amongst positive momentum driblet dead along to outweigh those amongst negative momentum inwards the Cumulative Demand/Supply Index (top chart), which has stayed positive since March.
With the expansion of novel highs early on inwards the calendar week as well as continued bullish persuasion shown inwards the Cumulative NYSE TICK (bottom chart), it is non surprising that the sectors that I follow convey sustained bullish trends. Friday's cost highs inwards the major indexes were non confirmed past times fresh highs inwards the 65-day high/low measure, an indication that the rally may hold upward inwards for a catamenia of consolidation. As long equally nosotros rest higher upward the May highs inwards the S&P 500 Index, however, 1 has to honour the sustained buying displayed past times this market.
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