The rally that started last Monday continued to crawl higher yesterday, with a few indices not far from their early December all-time highs. The last five days have seen very strong breadth, with a number of internal measurements exhibiting breadth thrusts. Many times, this type of broad price action kicks off a new intermediate-term uptrend. On Tuesday, the S&P 500 (SPX) rose 0.9%, the Nasdaq and the Nasdaq 100 gained 0.6%, and the S&P MidCap 400 and S&P SmallCap 600 led the pack, both popping 1.6%. Broad-based strength, which might be an understatement, resulted in nine of 11 sectors moving higher from 0.7% to 2%. Industrials led with a 2% gain, Real Estate was up 1.9%, Healthcare and Utilities rose 1.6%, Materials added 1.3%, Communication Services and Information Technology tacked on 0.9%, Financial increased 0.8%, and Consumer Discretionary popped 0.7%. The five-day average of NYSE advances minus declines rose to 1,333 on Tuesday, one of the highest readings since November 2023 (just when the market was beginning a strong move). Back on December 18, the five-day was down at -1,300, so the recovery represents a breadth thrust. The NYSE McClellan Oscillator (a breadth indicator) has jumped to 77 from -124 in mid-December, also a thrust. The last time this happened was between April and May of 2024, just as the April to July rally started. For the SPX on Tuesday, the eight-day/13-day exponential moving average crossover turned bullish on Tuesday; the Chande Trend Meter moved back to bullish territory; and the vortex indicator, the daily moving-average convergence/divergence, and the 21-day rate-of-change were all were very close to turning bullish. Volume was above average, also a good sign.

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State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $47 trillion in assets under custody and administration and $4.7 trillion assets under management as of Dec. 31, 2023, State Street operates globally in more than 100 geographic markets and employs more than 46,000 worldwide.