Thee Dow industrials, despite relative strength, also have not gotten above the 40 week line, and are also contending with a descending trend line. We will probably encounter pretty significant resistance here, unless somebody gets another tip off on good economic numbers.
The market defended a criitical support area this week at a time when it could have easily broken it. We had yet another follow through day this week, so we are in another confirmed rally, which gives us a chance to find the leading stocks and prepare to jump on tem as they break out. It also means we start counting distribution days again, and with volume coming back next week, we might get some/
I will have the new highs update shortly.