After a small down-side gap fill, equities have continued their relentless upward march in trend-like fashion, now breaking R2 with the SPX homing in on its prior highs. Although momentum continues its incline, I see participation is a little weaker today in terms of new 52-week highs. However, I don’t foresee a clean break of the prior S&P500 highs on the first go given OB staus even as the index finally begins to catch up with its small- and mid-cap brethren.
