With the S&P 500 nearing a new all-time high, technical expert Larry McMillan assesses the road ahead. Here's his technical view, a look at market leadership, and some favored stocks.
"A new all-time closing high for the S&P 500 suggests that the all-time intra-day highs at 1552 are now the next key level within the context of this market cycle. The positive technical pattern of higher-highs and higher lows has continued.
"Sector leadership remains positive as the financial sector – as seen in the iShares Dow Jones U.S. Broker-Dealers Index Fund (ASE: IAI) and the iShares Dow Jones U.S. Financial Index Fund (ASE: IYF).
"Also positive has been the continued strength in the energy sector as seen in the iShares Dow Jones U.S. Energy Sector Fund (ASE: IYE) and the iShares Dow Jones U.S. Oil Services Trust (ASE: OIH).
"Therefore, sector leadership remains positive – and this should continue to inspire further gains in the major market indices as long as this trend remains in effect. Meanwhile, market breadth has recovered over the past few trading sessions.
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