SHORT TERM: semiconductors lead ‘tech’ rally while cyclicals lag.
A quiet opening today, led to a choppy market with an upside bias as the ‘techs’ played catch up, while the cyclicals took a breather. Many of the major indices made new highs for the uptrend: SPX/DOW/NAZ/SOX/NYA/R2K. The NDX fell about one point short. The NDX/DOW/NAZ all made new closing highs. The R2K is now in a confirmed uptrend, with only the TRAN lagging the market at this time. Tomorrow brings a slew of economic indicators for the market to digest. And friday will also have its share. Could be quite volatile for the next two days. There was good news today when Q2 GDP was revised upward to 2.9% growth, from the estimated 2.5%. Expecting more good news over the next few days.
MEDIUM TERM: all major indices uptrending
LONG TERM: bullish.