For the first time since January, the S&P 500 and the rest of the indices are marching lock step witih stocks as a whole.
Over 70% of stocks are trading above their 40-day moving average and that confirms that stocks are supporting this market move higher.
For much of this year, it wasn’t uncommon at all for the S&P 500 or the Dow to be establishing new all-time highs, and for less than 50% and sometimes even 40% of stocks trading above their 40-day moving average.
But that has all changed now, and that is good, because that means the stock market as a whole is in bull mode, and not just a select group of large cap stocks that are pulling the markets higher.
And this comes at a time when Apple (AAPL), Facebook (FB), Netflix (NFLX), Alphabet (GOOGL) and Amazon (AMZN) are all trading off of their all-time highs. Those five stocks before, were managing, along with Boeing (BA) and Catepillar (CAT), to push the market consistently to new all time highs, all on their own.
So check out the chart below – it has definitely moved out of the triangle pattern and should give the bulls some hope that another big move can be anticipated for the indices and stocks that are marching in unison now.

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