It is an unbelievable week with the market making new highs again and again! Great Job, Bulls!
Nevertheless, lack of breadth continues to be evident. As shown, yesterday’s surge was almost entirely a function of the Mega-capitalization stocks and anything remotely related to artificial intelligence.
This is a big warning sign, together with numerous momentum indicators flashing the red lights from all the angles. Sure it is fun to chase this hot market for now but be aware of a sudden music stop that will trigger a tremendous pain for the currently happy FOMOs.
For myself, I continue to benefit from trading on both sides along the waves during each day.
Here is my pre-hour note for today:
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