Over the last two days, the S&P 500 continued to advance, reaching the February’s highs. The market is still led by a couple of big names in the tech industry. This is noticeable in the cumulative advance/decline line that is losing momentum. Friday’s session registered 1323 advancing stocks compared to 2479 that settled lower and on Thursday: 1487 stocks advanced compared to 2295 that closed lower. Air is getting thinner at this altitude… On the sentiment side, options traders are still buying calls heavily and active professional portfolio managers are very confident that the recent advance may continue and they are positioned in that way, this points out to a lot of complacency from this category of investors, in our opinion.

Very short term oscillator	Positive +
Short term oscillator	Positive +
RVI trend	Positive +
Trend short term (5 days)	Up ​​
Trend mid term (8 days)	Up
Differential of trends	Up
Risk profile	76 (scale of 1 (low risk) to 100 (high risk))