We are in the midst of a very rare runaway-momentum market.

The bad news is: This cannot continue indefinitely. We are getting closer to a consolidation period by the day and chances are that it is going to be proportional to the powerful advance over the last three months.

The good news is: The expected pullback is likely to be limited, because momentum begets momentum and the first new all-time highs after a long time are a bullish sign!

Meanwhile, our model’s leading economic indicators have switched to a moderate, yellow warning signal.