The stock market continued to advance with positive breadth: 1938 stocks advanced compared to 974 that settled down, options traders continue to play the market on the upside as few are eager to hedge their positions, a sign they are confident the upmove may continue, are they over confident?
Over the last few days the S&P 500 traced an ascending triangle with the apex estimated at 2825-2835, that may mark the start of the first significant correction since the beginning of the year, time will tell…
The risk profile index of the market improved slightly although it still stands clearly in the overbought area.