The Daily Staircase Rally in Stocks Goes On – FX Empire

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At the same time, stocks getting ever more extended relative to the HYG:SHY ratio, are consistent with the TINA (there is no alternative) shift. While greed is at extreme readings, there are still plenty of bears that haven’t capitulated yet.

S&P 500 Market Breadth and Sectoral View

The advance-decline line finally scored a noticeably higher reading, indicating that it’s just a little bit less about the tech (or FAANG, have your pick) carrying the torch. Advance-decline volume has risen too, and the bullish percent index remains solidly in a bull market territory.

Technology (XLK ETF) keeps powering higher like there’s no tomorrow, and the price action is of a healthy uptrend. Well, healthy – steady with hardly a correction. No sign of a top, definitely not in this leading sector.

Healthcare (XLV ETF) is on the rise too, as its prices are leaving the prolonged correction. The outlook is naturally bullish.

Financials (XLF ETF) typify cyclicals’ performance – and that’s still one of underperformance. With tech this prominently in the limelight, it’s hard to see more than a few bursts of rotation into value plays as tech keeps firmly in the pool position.

Summary

Summing up, the S&P 500 keeps extending gains, and so does the tech sector. Volatility has made a move to the downside on Friday, pointing to little changes in the market character – it’s still a bull market run, to put it precisely. The credit markets reflect the risk-on move, and both the top in stocks, and a meaningful correction, appear to be rather far off.

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Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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