Although we usually look at short-term timeframes in this intraday post, I would be remiss if I did not show you the yearly chart of the S&P Midcap 400 Index hitting all-time highs today. Hat tip to Joe Fahmy (@jfahmy) who pointed this out on Twitter earlier today.
With the midcap stocks performing this well, it is tough to say we are seeing massive bearish divergences to warrant calling a major top here. The small and midcap action has indeed been very impressive for bulls since mid-November. Until that changes, I am looking for momentum longs.
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