Market Analysis and Summary
Very little has changed since the last report. The major indexes are all still holding up constructively, at or near all-time highs and are being supported by a broad base of healthy, high growth leadership. Distribution remains at bay and there is a solid wall of worry, firmly in place. Hence, the line of least resistance is still higher. So, continue to initiate long positions as entry points develop and as always, be very selective and have the discipline to “buy right.” Remember, “buying right” is your number one defense. So, pay close attention to the action of the leaders and make sure your alerts are set and ready to go.
The NASDAQ only rose 0.06%, but it finished the session at a new all-time closing high and in the upper half of its range for the day as volume expanded, which is constructive.
The Russell 2000 fell 0.57% on heavier volume and finished the session in the lower half of its range for the day, yet it continues to hold up constructively above logical support.
The S&P 500 rose 0.12%, as volume on the NYSE expanded, finished the session near its high for the day and just a hair below all-time highs.
The DOW rose 0.17% on heavier volume, finished the session near its high for the day and slightly below all-time highs.