Editor's Note: This article was originally published in John Murphy's Market Message on Friday, March 15th at 2:58pm ET.
Just a week after slipping below their 200-day averages, the Nasdaq Composite Index in Chart 1 and the S&P 500 in Chart 2 appear to be ending the week above their November highs. That's the last overhead chart barrier to overcome below last year's highs. And increases the odds that those highs may be tested again. Chart 3 shows the Dow Industrials lagging behind. But that may have a lot to do with this week's heavy selling in Boeing. There seems little doubt that the path of least resistance for stock prices is now higher. Technology shares continue to lead the market higher, with a big boost from semiconductors. One of the driving forces behind the stock rally appears to be falling bond yields which are reflective of more dovish global central bankers. That's also boosting bond prices.