Little Miss Market made us sweat a little bit on Friday. The late day surge really saved the week and our momentum numbers.
I was worried that the SPY was not going to be able to claim 139 yet again and set us up for nervous time to start next week. But in the end it pushed through and rested at 139.6 to end the day. Breadth was decent all day and we ended up with 66 winners out of the 85 equities we track. And by the way, I have found that any day where have doubts as to where the after session of the market is going to go, look at the breadth numbers. Almost invariably, the session will follow the leader in winners or losers.
Our momentum charts are telling us that we are set for another run high next week as our Fast Momentum indicator has recharged and is heading higher again. There is one warning sign that I see. Our moderate momentum indicator dropped only a tad and took a turn up on Friday. I would have liked to see more recharge on that indicator than we got, so the next push up may be a short one until we have to consolidate again.
Nearly all boats are rising right now, with only the precious metals and healthcare sectors lagging.
We promised a new feature this weekend and you will find it on our Top 25 Lists page, so check it out.
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