Obviously a strong day, but not without its divergences. For instance, the NASDAQ100 is nearly flat and the XLY/XLP ratio (Consumer Discretionary/Staples) has been flipping back and forth. Nevertheless, Cumulative Tick, Up Volume and the Advance Decline line remain strong on relatively high volume. The VIX is also pushing 30 today! Still, I'll be surprised if we definitively take out yesterday's highs (or even today's), but we are certainly pushing that boundary and traders have to continue to respect this trend until clear evidence emerges to the contrary.
PS - And, as often happens in the blogosphere, we immediately break that upper AM to Mid-day trend line upon posting! The "hard right edge." ;-)
01/23/2017 Market Outlook (Range Low)
4 hours ago