Last week’s Follow Through Day, suggesting institutions are on board with a bullish leg in stocks, has been working thus far.
As up-volume outpaces down-volume over the past several weeks we’ve had the confirmation of a number of new highs from our top-ranked and beloved Growth Stocks.
We’re holding our Buyer’s Edge bias until Distribution, or institutional grade selling, shows up.
The S&P 500’s testing of just above its 200-day moving average might pose just the location for some type of pullback to take place.
The key sectors of Financials (XLF), Semiconductors (SMH) and Retail (RTH) all remain below their 200-day moving averages, giving us further indication we’re hardly out of the woods.
September is also notorious for corrections, so hold on.