Market Analysis and Summary
The market and its broad base of high growth leadership continue to chug along in a healthy and constructive manner. Recent breakouts have been making worthwhile progress and there are plenty of new, constructive bases still forming. Hence, the line of least resistance remains higher. So, continue to initiate long positions as entry points develop and as always, be very selective and have the discipline to wait for the perfect setup. Waiting to enter a position at the “optimal spot,” is often the difference between getting shaken out of a big leader, or not.
The NASDAQ rose 0.29% and finished the session at a new all-time high as volume expanded.
The Russell 2000 rallied 0.02%, finished the session near its high for the day and closed above major support as volume expanded, which is constructive.
The S&P 500 fell 0.10% as volume on the NYSE expanded. This does not meet the definition of distribution, but it closed below mid-range which is a subtle sign of professional selling.
The DOW fell 0.17% as volume declined and closed in a tight manner.