The most important take away from this report is that the long-term trend and momentum of the market remain deep in bullish territory. The markets have rallied off the February lows but are struggling to hit new highs as the financial and consumer discretionary sectors have failed to rally materially off their lows. Two areas of concern are the lack of expansion in new 52-week highs as the market nears its former highs as well as the fact intermediate-term indicators are at extreme overbought readings and suggests we should see some softness next week. My guess is that we have some choppy market action ahead before seeing new highs.
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