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Summation Index back at new 2 yr highs, as S&P closes out week in resilient fashion

S&P has recovered early pullbacks and set to close out the week near the highs, which would represent the 5th straight winning week for stocks, while encouraging signs of participation from both the Financials along with Industrials stocks, and many Financials like BAC (I own), C, GS, MS breaking out of near-term ranges back to the upside and look to continue-  YIELDS remain lower, but have helped Utilities as the Defensive groups are all being sold today, despite Treasuries rallying and 10yr yields down to 1.877.  Some end of week Mean reversion taking place with this past week's worst performing stocks doing best-  Healthcare, Financials, Tech, while Materials are underperforming with Precious metals taking a rare breather, while XLB is right up near prior highs.   Key to note is that Stocks and Bonds have been moving in unison most of the week, though Financials have still managed to show good outperformance.  The Utilities sector broke out to new all-time highs this past weekand still a record number of Utes stocks on the 52-week highs list, but the breadth has been strong enough to allow for followthrough in the indices and Percentage of stocks trading above their 50day ma is back up to near 88% higher than it was during any point in 2015, while nearly 50% of stocks are now above their 200-day ma-  A welcome change, but still nowhere near the LOW 60s which was hit in this gauge last Spring-  this week's highlights mainly concern the US Dollar falling out of bed along with most Emerging markets and Commodities bouncing sharply, which still looks to have a ways to go.  Still no evidence of any pulling back from highs in the indices, as the early drop was completely recouped-  Overall a cautiously bullish stance looks prudent given that Yields have dropped off substantially while indices maintain sharp uptrends in price.  Let me know if you have any questions

Summation index closing above both highs from last year-

Summation index closing above both highs from last year-