Daily Market Commentary: New Highs for S&P

From Fallond Stock Picks
January 29, 2013 - 4:18pm

When I wrote at the weekend I thought we had seen our market top (at least for the S&P), but today's action surpassed it with the week not half way done. The new high doesn't change the heavily overbought nature of the rally, but what goes high can go higher.Despite the new high in the S&P, the relative shift from Large Caps to Small Caps continues.The Nasdaq was more subdued, but buying momentum is building, as marked by improving On-Balance-Volume.However, it's clear the components of the Nasdaq are up against a wall with the percentage of Nasdaq Stocks above the 50-day MA stuck around the 80% mark, with technicals already showing 'sell' signals.While the semiconductor index has the makings of a bearish 'Shooting Star'.The Russell 2000 was also relatively quiet, with today's action trading inside yesterday's range.  However, the index continues to enjoy a relative advantag...

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