The Bull’s volume-packed push north has flattened the Bear’s spirits.
The tech-laden Nasdaq is breaking out to new highs, giving the Bull a real edge as its the aggressive sectors represented here that need to be well bid to sustain a more powerful rally.
Meanwhile, the broader based S&P 500 shows less conviction as it only conquers its 50-day moving average. This 50DMA means everything going forward.
We keep our Buyer’s Caution bias. New highs and broad participation across the sectors will make us pure Bulls. Heavy selling and a more significant collapse of leadership, which has yet to really be seen this year, would make us Bears.