Market Analysis and Summary
The market finished last week in great shape. The major indexes closed at, or near all-time highs and they continue to be supported by a broad base of high quality, leading growth stocks. 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 railed 0.42% and finished the session at a new all-time closing high, although volume declined.
The Russell 2000 rallied 0.59%, cleared an area of major resistance and closed near its high for the day, although volume declined.
The S&P 500 broke out of a constructive looking handle-like area and rose 0.41%, although volume on the NYSE declined.
The DOW broke out of a constructive looking handle-like area and rose 0.26%, although volume declined.