From Cabot Top Ten Trader
Stocks pushed higher again this week, enough so that our intermediate-term trend following indicator turned positive. Following three constructive weeks, this week’s move continued to push the arrow toward the bullish side.
We can’t say, however, that the bulls are clearly running wild. Volume on most leading stocks has been so-so on the upside, and the Nasdaq and S&P 500 are still hanging around their old highs. Throw in the fact that small- and mid-cap indexes are in the middle of long-term trading ranges and we can’t decisively conclude we’re off to the races.
Still, we’re not complaining or throwing cold water on the recent action. On the heels of a sloppy summer consolidation and plenty of worrisome headlines (including both Harvey and Irma), the market’s resilience and, more recently, strength, is certainly a positive sign.
Updated September 15, 2017
