Coach Mark here.

The market has the feel of a lazy spring day just enjoying the sun and chilling out. To those paying attention, this is not abnormal in the bull run stocks have enjoyed over the last six months. In fact, it has been very, very normal.

This bull run has been characterized by a series of bursts followed by periods of short-term consolidation. It has happened numerous times in what has turned out to be a very orderly trend off the October lows. The S&P 500 makes a move, takes a break, moving averages are allowed to catch up and act as support and then the S&P 500 makes a move again. In other words, a pretty orderly and standard trend.

Whether the S&P 500 makes another move up off the current pattern remains to be seen but it feels very orderly right now. We have inflationary data on tap next week and if it comes in supportive of a disinflation narrative it is hard to not see a run at recent all-time highs.

Have a fantastic Thursday!

Chart of the Day: S&P 500 (/ES)

If you are truly bullish, you love this week’s price action as it is not getting to far ahead of rising short-term moving average which can serve as support during pullbacks.

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