Upward Drift

We still see the S&P 500 on an upward track that will take out last week’s high. Old highs and lows act like magnets, usually.

What we don’t expect is to see price action continue to tear higher week after week. Cracks in this picture include relative weakness in the Transports ($TRAN) and Small Caps ($RUT.)

Took a couple steps back, we’re believers this market has loads of upside potential. Though we’re likely to see it pause first. Why? Hemlines are getting shorter, and that’s a good thing according to The Wharton School