The NYSE and Major Indices Bullish Cycle
The NYSE Composite and Major U.S. Indices have all turned to a bullish cycle, with fresh 52-week highs reaching levels not seen in over 9 months. Leading stocks (ie: IBD50 and MarketSmith Growth 250) remain strong, during the seasonally weakest months of the year.
August was unusually strong, with many stocks breaking out of consolidation patterns, while few have pulled back by comparison. Watch for break out failures, which usually give us an early warning of a short term top.
September is seasonally the weakest month of the year.
NYSE Composite Bullish Cycle
As the cycle becomes more obvious, price action is breaking above pivot levels at 13.039.56, clearing a path for a stab at all time highs 13,637.02 ATH. In addition, the 50d is above and pushing away from the 200d (not shown).
NYSE NYHL 52-Week Highs
The New York Stock Exchange (NYSE) is persistently recording fresh 52-week highs, yet another confirmation of the strength of the current market trend. Until this indicator moves below the zero line, we anticipate higher highs and lows going forward.
Earnings and sales continue to provide a bullish backdrop. Core performance is the strongest we’ve seen since 2014, with two quarters of super strong growth.
Job growth and consumer spending remain a tailwind for the markets.
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Happy Trading,
Vinny
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