|Just when it looked like the market was destined for a sharp sell off, the sellers left the building.|
The S&P 500 suffered from some serious distribution during the week, but on Friday this index reversed course and closed at an all time high. Equally impressive are the Nasdaq-100 and the Russell 2000. Both of these indices showed only minor distribution during the week and both printed accumulation days on Friday.
The uptrend is intact as the market continues to climb the wall of worry, leaving the market bears waiting for Godot. (Perhaps Godot arrives with the Alibaba IPO ~ the largest U.S. technology IPO in history).