Bulls Keep Stacking Evidence 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Optuma.
The S&P 500 gapped higher to start the week and finished the day up +1.76%, now sitting less than 1% below new all-time highs.
This advance built on the momentum from late last week, with Optuma highlighting that the S&P 500 Advance / Decline Line closed at a record high on Friday.
While concentration risk remains a possibility with just 10 stocks now accounting for nearly 40% of the index, the broader market continues to display both impressive and undeniable strength.
The Takeaway: The S&P 500 is approaching new highs while breadth continues to support the market.
More Great Charts
The S&P 500's RSI (momentum) has quickly reclaimed the 50 level.
Check out the full article from Duality Research.
AAII bullish sentiment fell to 34.4% last week, matching its lowest reading since mid-March.
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Small options traders turned notably defensive last week.
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Inverse ETF volume rose to 42% of speculative activity, a threshold that has often marked the end of routine market pullbacks.
Examine the whole tweet from Warren Pies.
Trading activity in leveraged long U.S. equity ETFs has surged to record levels.
Explore the latest article from Callum Thomas.
The VIX has triggered a new oversold upturn on the weekly chart, a signal that has frequently foreshadowed higher volatility.
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The latter half of June has been one of the weakest seasonal periods for stocks, while the first half of July has been the strongest.
View the whole tweet from Rob Anderson.
The Financials Sector is breaking higher out its bull flag formation.
Watch the complete analysis from Andrew Moss.
5 and 10-year breakeven inflation rates have fallen notably since early May, pointing to softer inflation expectations.
Examine the entire post from Cetera Investment Management.
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