The S&P's Momentum Streak Aided By Industrials

This is an abridged version of our Daily Report.

The S&P’s consistent, rapid rally

The most important index in the world has rallied consistently for the past 1, 3, and 6 months. It has also picked up its gains, nearing or exceeding its upper Bollinger Band on daily, weekly, and monthly time frames.

Similar markets led to some shorter-term pullbacks, with all but one culminating in v-shaped bottoms.

Industrial-strength momentum

The Industrials sector has rallied almost every day for the past three weeks…and the three weeks prior to that. During the past 30 days, there have been only 5 down days, a remarkable streak not seen in 30 years.

Similar buying clusters at a new high have led to consistent gains going forward.

Here we go with the odd readings again

The NYSE Up Issues Ratio was less than 43% on Monday, well below average for a day when the S&P 500 rose at least marginally and closed at a multi-year high.

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Adding to the oddities, the VIX “fear gauge” also rose today.

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