Better Breadth

Although the historical seasonal record for September shows weakness, this year could be an exception, so until signs of weakness begin to appear such as challenging trendlines or 50-day Moving Averages along with signs of increased hedging in the options and futures markets, odds favor further advances, complicated by often confusing sector rotation.

Summary
Once again, new highs by both the S&P 500 Index and the Invesco QQQ Trust confirm the bulls remain in charge confirmed by improving the market breadth, the last holdout indicator to confirm the current advance. Although the September record shows weakness until the indicators begin flashing signs of concern, the bulls have it.

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