Thursday the S&P 500 hit an all time closing high. Price is well above the CBL. Price is also well above the rising 50 day moving average. Price is also well established above the primary green uptrend line. So other than the fact that we are making new highs, because eventually price will have to consolidate or a pullback, for now everything looks good.
The Small Cap has made some big moves the last 2 weeks and a lot of repair has been made to structure. The green uptrend had to moved to represent the new slower uptrend. Since reaching the lows 2 weeks ago, price has rebounded back to safety. We are back above the 50 day moving average and the 50 day is now rising. Price is well established above the new CBL. We also have a new higher pivot low. Everything with the Small Cap looks good again. What is missing though is new highs being made like the S&P. We still have room for more upside, if this market is going to continue up. I also still believe that the Small Cap is going to be driving this market.
The International Index still looks a bit shaky to me. 2 weeks ago price broke below the uptrend line just like the Small Cap did, but since then price just can’t get restarted. The horizontal green buying CBL line was broken to the upside Tuesday, but failed to confirm on Wednesday. Thursday the process started again, price broke above the green CBL buy line and then Friday did not confirm. So technically, Wednesday and Thursday we made a lower pivot high. The Red dotted down trend line, even though short term, is still working and still makes me say, stay away for now. This could all change in 2 days of trading, but so far it has failed twice. The more times that it fails the more likely the down trend will continue. So on the daily chart, this is still a sell and a watch.
Conclusion: C is still a hold or buy. S is still a hold or buy. F is still a hold or buy. I is still a sell or watch but could change in the matter of 2 days time. All L-funds are still a buy or hold.
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