The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
We’ve gotten solid follow through this week. The Russell 2000 hit a new all-time high; the S&P 500 is very close. This is exactly what the bulls wanted to see – follow through from the previous week’s bounce.
There’s no arguing what the long-term trend is. The only question is whether the indexes can break out from their ranges and begin their next legs up. The Nas and Nas 100 are well into new high territory. The Russell is in the process. The other indexes are close.
Here are the SPX and RUT.