Market Summary

Market sentiment is still very bullish as the market appears ready to go to new highs at the one year mark of the start of this bullish move. To my eye the Elliott wave count is a weekly wave 5 and a daily wave 3 with the possibility of a wave 4 correction. In other words, we could be very close to a top in the markets yet the market keeps moving higher. Should the market sell off here it would create a double top which would be a bearish sign but no evidence of that yet. A correction will come and we will be on the look out for it. Until then market sentiment remains green. Click on image to enlarge.

For the week the Nasdaq Composite Index was the leader up 1.78% followed by the Russell 2000 Small Cap Index up 1.59%. When these two lead it is a very bullish sign. On the down side were commodities and the US Dollar in the red. For the YTD performance the Russell 2000 Small Cap Index is up the most at 5.70% and the EEM (which was up the most last year) is down the most down - 3.44%. Click on table to enlarge.