The S&P edged a breakout and in the process also crossed the 85% of historic extreme price action (dating back to 1950). The MACD returned to a 'buy' trigger above the bullish zero line with other technicals in good shape.
Small Caps are caught in the middle, although today did deliver a successful defense of the 50-day MA. Technicals are mostly bearish with the exception of Stochastics. For now, traders are best to focus on the Nasdaq and S&P as they drive to new all-time highs; Small Caps will have their day, but it's not time for them yet.
We are now looking at a picture where indices are reaching historic extremes. This can last a number of months, but historically, this has been followed by either a sideways pattern (as happened in 2018) or a direct correction (pick any market crash), but we are close to a peak high - probably for the year.
You've now read my opinion, next read Douglas' blog.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
.