Stocks have continued to move higher across all of the major averages. As might be expected after an advance of this magnitude and length, overbought conditions continue to abound.
One of the foremost things to consider, though, is that the chart of $SPX remains bullish. It continues to trend higher, with all moving averages in sync. The first major support area is at 2300.
Both equity-only put-call ratios continue to decline and thus remain on buy signals.
Market breadth has not been great on a daily basis. The rally has not been kind to all stocks, but there is a lot of rotation, and not all stocks are being lifted by the...