While momentum in the broader markets slowed last week, buyers still remain in full control with no sign of giving up. Even minor dips are now bought.
CNBC reported that this has been the longest period of weekly gains in a row in 24 years.
Historically, for several reasons, this market is closer to a correction than a continuation. But until we see clear price action to confirm the reversal, the advantage remains on the side of the bulls.
Last week's sideways consolidation in the broader markets — and Friday’s buying surge into the close — makes me wonder whether next week will bring a blow-off type of run to the upside.
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