By Matthew Kerkhoff
Most major indexes set new highs this week with the notable exception of the Transports, which remain near all time highs but have been unable to overcome resistance just above 9200 (chart below). I'll reiterate that I believe it's just a matter of time before this index confirms the Industrials for the first time in 2015. Oil is slated to remain under pressure and that will keep costs low as well as allow for more disposable income to be spent on items such as travel (five of the twenty Dow Transport components are airlines).
It's evident from a number of angles that the entire market is participating in this rally. You can see from the chart below that the NYSE Advance-Decline line is hitting new highs on an almost daily basis. In addition, the small-cap Russell 2000 has broken out topside from its long trading range, and a number of ... Log in or subscribe to continue reading.