Market Analysis and Summary
So far, the general market seems to be pleased with the way earnings season has been progressing. The major indexes have rallied powerfully over the last few sessions and are all trading at, or near, new all-time highs. The distribution count stands at 3 days on the NASDAQ and 4 on the S&P 500, which is tolerable.
Leading growth stocks continue to exhibit robust health and breadth. In conjunction with a hearty general market environment, the line of least resistance is clearly higher. So, continue to initiate long positions as entry points develop. As always, be very selective and have the discipline to “buy right.” Remember, having the opportunity to buy a stock “exactly right,” as the general market turns higher, right after consolidating for a couple months, makes all the difference. So, pay close attention to the action of the leaders and make sure your alerts are set and ready to go.
The NASDAQ rallied 0.39% as volume declined ever so slightly and finished the session at a new all-time high.
The Russell 2000 pulled back slightly as volume expanded, finished the session above logical support and just a hair below all-time highs.
The S&P 500 rose 0.06% and finished the session in the upper half of its range for the day as volume on the NYSE expanded, which is indicative of accumulation.
The DOW finished 0.03% higher as volume declined and closed slightly below all-time highs.