The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq made new all-time highs this week
as both continue to trend higher off their respective 10-DMA. Distribution remains low at two days each, with
one expiring on the S&P 500 next week. We expect the market to consolidate gains in the coming days given the
sharp move higher over this past week. Should that occur, look for underlying action among quality growth
ideas to remain constructive.
Nine of 11 sectors are trading above their respective 50-DMA, led by Health Care which was up 1.7% this week
after recently breaking into new all-time highs. Technology is also leading, trending into all-time highs similar to
the major averages. Energy and Utility continue to lag, both trading relatively flat on the week and still ~1% be-
low their 50-DMA. 159 of 197 industry groups and 72% of S&P 500 stocks are trading above their respective
50-DMA, improving from 141 and 67% last week, respectively. The best performing industry groups this week
include Biotech (
), Software (
), Internet Retail (
), Lodging (
), Apparel (
), and Home Fur-
nishings (
).
