The weekly range of the majority the broader markets and sectors contracted from the prior week’s range expansion higher. However, they also made higher weekly lows for the eighth consecutive week.
In other words, while momentum slowed last week, buyers still remain in full control with no sign of giving up. Even minor dips are now bought.
For the broader markets, last week was the eighth higher weekly low in a row. Looking back over the last few decades, the highest number of higher weekly lows in a row was 10.
However, none of those advances occurred from a V-bottom as this one did. They all began from corrective consolidations prior to the move higher.
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