The S&P tagged the upper 10% band and is close to the 15% of historic high prices dating back to 1950. The last time the S&P was up at these levels it was May 2013 - which ultimately proved to the middle of a rally which lasted another 2 years.
The Russell 2000 managed a new closing high, reversing the MACD trigger 'sell' into a new 'buy' signal. There still hasn't been a return to the relative outperformance, but today was a step in the right direction.
If there is a warning sign for bulls it's the VXN. In May 2013, historic volatility was very low and the Nasdaq 100 (and other indices) were able to keep on chugging higher, but 2015 saw a surge in volatility which ultimately didn't follow through with a significant loss for markets; will this come back to bite bulls in the butt?
You've now read my opinion, next read Douglas' blog.
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