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Large-caps Lead as S&P 100 Records 52-week High

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Large-caps continue to lead the market as the S&P 100 ($OEX) recorded a 52-week high this week. Thus far, the S&P 100 is the only major index to reach this milestone. The Nasdaq, Russell 2000, S&P 500 and Dow Industrials remain shy of their spring highs. This means the S&P 100 is leading the market and large-caps are showing relative strength. Even though $OEX may be short-term overbought, this fresh 52-week high confirms that this key index remains in an uptrend.

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The PerfChart shows the three month percentage change for six major indices: the S&P 100, S&P 500, S&P MidCap 400, S&P SmallCap 600, Nasdaq and Dow Industrials.  $OEX shows the biggest gain over this timeframe (+9.35%), but the Nasdaq is not far behind with a 9.34% gain. Techs and large-caps are clearly the leaders. $MID, which represents mid-caps, shows the smallest gain, which means it is underperforming. $INDU is also underperforming with the second smallest gain.

Good trading,
Arthur Hill CMT

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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