The stock market, as measured by the Standard & Poor’s 500 Index or just about any other broad market measure you want to use, continues to slowly move ahead.
The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% , as well as the S&P 100 /zigman2/quotes/210600159/delayed OEX +0.22% , the Value Line Index , the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.92% , the Dow Jones Transports /zigman2/quotes/210598063/realtime DJT -0.48% , the Russell 2000 /zigman2/quotes/210598147/delayed RUT +0.56% , and the NYSE Composite Index /zigman2/quotes/210598036/delayed NYA +0.05% – among others — all made new post-2007 highs today.
Earlier this week, SPX overcame resistance at the 1,515 level. But rather than generating some heavy buying and true upside momentum, SPX limped in with three small gains following. In fact, each day it’s made a higher high, but it’s still only up to 1,520. It is hard to recall a more lackluster bullish market. Seemingly, the bulls are nearly out of money, but the bears (if there are any) are too timid to sell into this constantly-rising, Fed-supported, plodding rally.