Markets saved up their energy the first three days of this week, and showed sturdiness Thursday. The Nasdaq got the better of the S&P 500 today as it rallied 1.2% compared to the S&P 500’s .8% move higher. Heading into Friday now the Nasdaq could eke out a week in the black, as it is lower by .4%. Looking on the Nasdaq’s weekly chart one has to admire the strength as it has closed near the top of its weekly range 10 of the last 11 weeks, and tomorrow could very well make it 11 for 12. A close above 1798.22 tomorrow would give the S&P 500 its 7th consecutive weekly gain, a streak that has not been seen since the first 7 weeks of 2013. The first seven weeks of 2013 have been better on a percentage basis as the S&P 500 gained 8.15% (thanks most in part to the first weeks 4.57% gain), compared to the 6 week streak we are currently on that has gained 6.23% thus far. The major benchmarks are readying for battle with the round number of 1800 and 4000 again as we head into the holiday shortened week. Are they running on fumes? Some individual names seem to have plenty left in the tank. LZB for one may have to rename itself as it has acted anything but lazy this week with a 14% move thus far and quickly approaching all time highs of 30.94 back in April of 2002. Is that indicative of possible home building periphery growth or have we become a nation of couch potatoes?
This article requires a Chartsmarter membership. Please click here to join.