The Dow/SP/Nasdaq remain stuck under the mid-Sept highs of sp'1474. Yet the Transports and Rus'2000 continue to power upward. It remains a very split market, but it seems likely that the leaders are indeed probably still 'leading'.
Its almost as though we have two sets of indexes right now. The 3 laggards - the big three that the mainstream follow, and then the two leaders - The Transports..and the Rus'2000 small cap.
The breakouts on the latter two are indeed critical to respect, and all things considered, they are very likely indeed warning of further multi-month index gains.
So long as we hold under sp'1474, my outlook for a brief retracement to the sp'1440/25 gap zone, is still a viable one.
A little more later