So far we’ve run hard right out of the gate this morning and since then we’ve essentially traded sideways showing little desire to push higher. t2108 market update

But we’ve seen a lot of that so far this year and in year’s past. It isn’t uncommon. The question is how much more room does this market have to continue moving higher. Obviously, breaking above the 20-day moving average is a big accomplishment for the market and right now it is hitting its head against the upper band. I suspect that if we are to push higher in the days ahead, it will be by riding the upper band higher. 

The T2108, which measures the percentage of stocks trading above their 40-day moving average is, by no means, overstretched as you can see in the chart below. Consider it was just a month ago where it was trading above 80% and just today it is breaking above 60%. So there is plenty of room to run there as well. 

Not to mention the SharePlanner Reversal Indicator is still measuring in at extreme oversold levels. 

Let me know you: 

t2108 update

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