Just in time for this month’s letter we saw fresh all-time highs in the S&P 500, as well as the Nasdaq.
New highs are bullish and most market studies point to positive continuation during the best 9-month season in the four-year, presidential cycle: Midterm Q4 through Q2 2027.
The biggest fly in the ointment is the recent lack of broad-based participation.
So far, the breadth divergence is not significant enough yet, but the condition is worth watching over the coming months.
On the positive side of the ledger, recent strength has triggered several fresh momentum signals.
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