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Is a Nasty Pullback for the Stock Market on the Way?

imageStock Markets20 minutes ago (Jul 01, 2021 02:31PM ET)

Is a Nasty Pullback for the Stock Market on the Way?

Last week, we speculated about whether the breakout attempt would succeed or fail. While, the S&P 500 (SPY) has clearly broken out and we are now 1.5% above the upper end of the range, I still have some nagging concerns. We’ve broken out in quantitative terms, but we are not seeing similar developments on a qualitative basis. Some notable examples include an increase in the number of stocks advancing, expansion in the number of stocks making new highs, and risk appetites becoming more bullish. Rather, the market’s advance seems constrained to a handful of sectors, while other parts of the market are churning sideways or in distribution. In this week’s commentary, I will discuss this topic in more detail and preview the second-half of the year. Read on below to find out more….(Please enjoy this updated version of my weekly commentary from the POWR Growth newsletter).

Market Commentary

As the 3-month, daily chart of the S&P 500 shows above, we broke above the upper end of the range and since then, we have been trending higher.

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Is a Nasty Pullback for the Stock Market on the Way?

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