by Jon S. Strebler
Last week we pondered the possibility of the stock market stumbling, a correction ahead based on chart action of the S&P 500. Right at the critical point, right on cue, stocks rallied and once again put the idea of a market correction on the back shelf. New highs in the S&P 500. New highs in the Dow Jones Industrials and the Transports. The NASDAQ regaining the lead and within striking distance of its all-time highs. The Advance/Decline line – still on a merciless tear, recording new highs day after day, week after week. And finally, the missing link: New all-time highs on our Primary Trend Indicator (PTI) after months of sideways action.