What We Learned This Week Is That Stocks Are Still in a Bull Market
- 2,800 level on S&P 500 switches to support from resistance
- Nasdaq Composite, small-cap indexes both set records
This article is for subscribers only.
It may not be obvious amid the screaming headlines -- about currency manipulation, Fed jawboning, Russia summit, yuan weakening, etc. -- but U.S. stocks continue their low-volatility, bull-market grind higher.
The 2,800 level on the S&P 500 has been bested three sessions in a row on a closing basis -- and is on pace for a fourth. That level is acting as a floor during pullbacks today and on Thursday. The longer 2,800 holds, the louder bulls will get about a path being cleared to make a run-up to challenge the old highs reached in January.