The S&P 500 broke out to new all-time highs this week and the NASDAQ is now just a hair away. The small-cap Russell 2000 was the only index to close in the black over the prior two sessions and the DOW has continued to make constructive progress above its moving averages.
Old distribution days fell of the counts of both major indexes yesterday, which leaves the count at 4 days a piece. This is considerably better than it was just a few sessions prior.
More importantly, leading growth stocks continue to build constructive bases, breakout and make progress higher. There is no shortage of leadership to support the current rally.
So, continue to keep track of the strongest stocks in the strongest groups, with superior fundamentals. Set your alerts and be ready to buy these stocks as entry areas present themselves.
NOTE: We are currently in the thick of earnings season, so be sure to check and double check when a stock is due to report EPS before initiating a position. These dates can change, and often at the last minute.
The NASDAQ is now trading just a tad away from new all-time highs and continues to look healthy and constructive.
The small-cap Russell 2000 continues to lag the other major indexes, although it was the only index that manged to close in the black for a second consecutive session yesterday, which is a sign of strength.
The S&P 500 broke out to new all-time highs on Monday, made another new all-time high yesterday, but finished the session just a tad lower for the day, which is considered constructive action.
The DOW has continued to make constructive progress above its moving averages so far this week, but still has an area of significant resistance to get through before new all-time highs are in sight.