Overnight pullback attempts proved muted and once again, Equity futures are pointed higher, though remain slightly negative in Europe. WTI Crude has moved above $51 this am which has resulted in many Energy names jumping in pre-mkt trading.. RIG, MRO, CHK, WMB, SWN all +2-4%, while the metals stocks also pushing higher- FCX, NEM as US Dollar weakness continuing, which should be a continued lift for Emerging markets.
Overall, with SPX now closing in on all-time highs which is less than 20 points away, <1%, the trends remain bullish, and not all that overbought- NY COMPOSITE has just gotten above April highs, and highest since Nov, only 10 points way from being highest since last August, 10 mths ago- Advance/Decline registered a new all-time high reading on COMMON STOCKS with yesterday's close, exceeding mid-May readings, so this is a definite positive, which had formerly only been achieved with Cumulative "All Securities" NYSE data, including fixed income-
Sentiment has picked up a bit, but only 2 polls show real optimism. Consensus, and Fear and Greed, the latter which rose to highest since mid-2014, but DID signal 80% readings in mid-April and last Spring, so tough to make too much of these readings just yet. Investors intelligence data has widened out to 6 week high of 23.5% from 21.7%. Not extreme, but getting more bullish- while DSI data shows a 65% reading, not all that excessive while AAII showed just a fraction more Bulls than bears last Thursday 30 vs 29-
Overall its likely that S&P gets up to test all time highs before any pullback and in general, selloffs should prove mild given increase in breadth and momentum as sentiment not yet at frothy levels- For S&P futures, expect move to 2123-5, 2116 initially important while 2105-6 significant as support- Early movers today- LC, AKS, FCAU, PLUG, along with the energy and metals names mentioned previously- Down names: PAY, FLXN, ASC, DERM, SRPT, and ABBV-In the next few days, still right to maintain long stance, expecting retest of all-time highs before any stalling out with movement under 2105 on close being first warning-