The stock market’s technical “topping formation” finally manifested in a correction in early May, and it resumed over the past several days. The 20-day moving average that had provided consistent support during the methodical rally has proven to be formidable resistance (along with the converging 50-day).

After a brief consolidation period and staying flat for two weeks, the market has resumed its upward march, with the S&P 500 setting new 52-week highs each day. Healthcare now tops the forward-looking rankings, followed by InfoTech and Consumer Discretionary, both of which continue their impressive climb.

by Scott Martindale, Senior Managing Director

by Scott Martindale, Senior Managing Director

Scott Martindale