Market gains have been mixed this week, with the Nasdaq edging higher and a number of bellwethers showing strong momentum. The S&P 500 is at a high. Weakness in market breadth, including weakness in small-cap and RSP weighted ETFs, is a concern.
Not many stocks are sending buy signals, and a lot of stocks are going up. A market pause or moderate pullback may help the bellwether form a handle, complete the base, or fall to the key moving average in a decent fashion.
So stay committed to following the list while maintaining a high level of exposure.
The Fed meeting is the main focus of the last five days of the market week in 2024. Micron Technology’s (MU) earnings report was eye-catching, but Micron stock has been a laggard for months.
Read the Big Picture daily to learn about market trends and major stocks and sectors.