BUT.. odd divergences. The DOW Transports were down today and are over 10% from new highs. While at the same time the DOW has hit new 52 week highs. Thats a big Dow Theory non-confirmation. Probably never seen the Trannies lag by 10% like that.
The Russel 2000 is also nearly 5% off of new 52 week/all time highs. The Russel today was down and was trading like an anchor to the market all day.
The NASDAQ had a nearly even Advance/Decline print today, despite the NAS being up 20 points. I believe this is all Apple all the time.
Leadership is very narrow.
They are attempting to rally the financials and light the spark to send us to new highs on the S&P,... BUT.. even if we do, we still have the Russel 2000 and probably more importantly the DOW transports a very good clip off new 52 week highs, which will remain a big divergence and DOW theory non-confirmation.
The market at or approaching 52 week highs and some indicies like the Russel 2000 near all time highs.. I cannot believe that the 10 year yield still sits at 1.92%. The amount of liquidity to pull off new market highs and all time record low yields is staggering.
God help us all if inflation sets in. There's no one in the FED that has a rats ass chance in hell of stopping it.
Anyways.. no time left..
SPX Daily;
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