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Resistance is persistent while the NYSE and major US Indices trade at or near all-time highs. Breadth is improving on the whole, as the broad market NYSE McClellan Oscillator remains in a bullish trend. In addition, the recent rotation into small cap stocks suggest an eventual break to new highs.


“Inflation should fade into 2022 and 2023” – ECB Lagarde 

Short-term, CPI data came out this morning, showing consumer prices are rising as the economy reopens. The CPI report was expected to show prices rose another 0.4% in May, pushing annual inflation above April’s 4.2%, already the highest in more than a decade. Futures are responding by moving higher going into the opening bell.

Tick cumulative turned late on Wednesday, indicating a “short-tern” possibility of weaker price action.



Watch for a higher low Thursday or Friday, then a higher high to confirm the short-term trend is intact.

The McClellan Oscillator – NYMO

Intermediate and long-term trends are intact. In addition, more stocks are participating, as breadth shows more stocks are moving in unison. The equity market is bullish as we can see highlighted by a rising or bullish trend in NYMO. The McClellan oscillator suggests underlying strength.


New Highs – NYHL

New highs are persistent as well, with the histogram remaining above the zero line. The moving average, black line, is printing higher highs and higher lows.


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