Hello Fellow ChartWatchers!
So far, 2013 is proving to be very interesting with bullishness dominating the stock market so far. Since the start of the year, most of the major US market averages are up over 4% with the Russell 2000 (+5.12%) leading the way.
Looking at the market capitalization PerfChart, we see that everything is positive with the S&P 400 Mid-Caps (+5.24%) posting the largest gain.
On the S&P Sector side of things, everything is up however technology and utility stocks are significantly lagging the other sectors.
Looking at the Bullish Percent Index charts for the 9 S&P sectors, the 20-day averages for all sectors are currently moving upwards with the exception of the Utilities sector. Given that Utilities are a proxy for the Bond market and that Bonds generally move in the opposite direction to Stocks, this is more confirmation that money is moving back into stocks right now.
Finally, the McClellan Summation Index has just moved above its previous mid-September peak, further confirming that it is currently in an uptrend (green line).
Bottom line, stocks are current bullish.
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