Market Analysis and Summary
The market and its leading growth stocks have continued to make constructive progress since the last report. Hence, the line of least resistance remains to the upside. Continue to initiate long positions as entry points develop but, be very selective and only trade perfect setups. Have the patience and discipline to buy a stock “exactly right.” It 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 0.33% and finished the session at a new all-time high as volume expanded.
The Russell 2000 found support at its 50-DMA, bounced, finished the session near its high for the day and back above significant resistance, although volume declined.
The S&P 500 held up in a tight range above its 10-DMA and closed just a hair below recent all-time highs as volume on the NYSE declined.
The DOW held up in a tight range above its 4-EMA and 10-DMA as volume declined.