The bellwether S&P 500 traded completely inside of last Monday's
trading range from Tuesday through Thursday of last week, indicating
near-term investor indecision, before staging a tentative move to new
all-time highs on Friday. Friday's move to new highs, despite a sharp
downward revision in Q4 2014 GDP and amid worries about Russian
intervention in Ukraine, was an impressive show of bullish investor
conviction and is characteristic of a market that wants to go higher.
Last week's new 2014 high in the small-cap Russell 2000 index,
matching those in the S&P 500 and in the tech-laden Nasdaq indexes,
was another positive sign. However, as discussed here
last week,
both the Dow Jones Industrial Average and Transportation Index continue
to lag and must also establish new 2014 highs to confirm and
corroborate the recent strength seen in the rest of the market.
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