Market Analysis and Summary
The NASDAQ rose 0.09%, closed near its high for the day and just a tad below recent all-time highs, while the S&P 500, DOW and Russell 2000 all held up constructively near all-time highs, despite closing slightly lower. Volume declined on both major exchanges, so IBD’s distribution count held steady at 3 days a piece.
The health and breadth of leading growth stocks can easily be described as robust. Recent breakouts have led to worthwhile gains and there are still plenty of constructive setups currently taking shape, which may soon become actionable. Not to mention, quite a few of the market’s current leaders have tremendous potential going forward from here if the current uptrend continues.
The line of least resistance is clearly higher, so initiate long positions as entry points develop and as always, be very selective and only trade perfect setups. Having the patience and discipline to buy a stock “exactly right,” is often the difference between getting shaken out of a big leader, or being able to hold on to it for the big money.
The NASDAQ rose 0.09%, closed near its high for the day and just a tad below recent all-time highs, although volume declined.
The Russell 2000 fell 0.53%, but found support at its 50-DMA as volume declined.
The S&P 500 fell a slight 0.15% as volume on the NYSE declined and held up constructively near all-time highs.
The DOW fell a slight 0.11% as volume declined and held up constructively in a tight range, near all-time highs.