Upside momentum exploded in Globex with the CPI print and it has carried over into the cash session. The bottom line is it is extremely likely we see new all-time highs in the NDX and SPX fairly soon. The DOW is not far behind and the RUT is very strong today, too, but is still considerably below its all-time high.
NYSE breadth is currently +2431 and if it closes here it will be the highest closing breadth reading since 11/22/22.
The NDX is leading the charge as has been the case for over a year.
The current rate of change is unsustainable, but that doesn’t mean there is necessarily going to be anything resembling a big retracement prior to new all-time highs. Last week we saw a little (emphasis “little”) rotation/retracement as a brief pause prior to another ramp that began last Friday. I simply expect a more two-sided market to soon develop. If my analysis is correct, the long side is the side to trade in all timeframes at this juncture.