The Buying Power, and Selling Pressure, indicators continue to suggest no major “top” is in the works. Ditto the Advance/Decline line traded to a new high before the mid-week pullback, also confirming the upside. The major averages continue to reside above their respect 50-DMAs and 200-DMAs; and, those moving averages are rising, another bullish sign.
Then there is Berkshire Hathaway (BRK.A/$152,009/Not Covered), which is somewhat of a proxy for the stock market, as it traded to a new all-time last Friday. That said, last Wednesday proved to be a 90% Downside Day suggestive of at least a pause, or perhaps a pullback. Still, with Friday’s rally the “buying stampede” remains in force and today is session 38. Friday’s Fling, however, felt more like a recoil rally rather than the beginning of a new rally leg, at least to me.