Despite worries on Greece and financial reform, market shows no signs of giving up gains. All major indices are at new highs.
Modest weakness in financials is being offset by strong gains in the cyclical sectors — materials, industrials, and consumer discretionary.
One key indicator — new highs on the NYSE — is sitting near multiyear highs.
Lowry, the US' oldest technical analysis service, this morning reviewed other key indicators of market tops for warning signs, including new highs as well as the advance/decline line, and concluded: "none of these warning signs are evident."
How powerful has this rally been? Lowry put it best:
"From the Mar '09 low to the recent rally high on Apr 15th in the S&P 500 (a span of 277 trading days), the current rally shows the largest gain — up 79% — of any rally over the same time span in a new bull market since at least 1960."
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