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Sept. 4, 2021, 2:52 p.m. EDT

Stock-market ‘internals’ are improving, so stay bullish on the S&P 500

The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.11% continues to trade near all-time highs. The NASDAQ-100 /zigman2/quotes/210598364/realtime NDX -0.87% /zigman2/quotes/208575548/composite QQQ -0.84% also is repeatedly making new all-time highs.

Meanwhile, market internals – while not wildly bullish – have improved for the first time about 10 weeks. That has resulted in some “catch-up” by the Russell 2000 index /zigman2/quotes/210598147/delayed RUT -0.21% /zigman2/quotes/209961116/composite IWM -0.24% , but it is still well below its all-time highs.

The most recent SPX support level, at 4370, was triply tested and it is strong. But SPX has advanced so much that 4370 is beginning to disappear in the rearview mirror. As for a higher support level, there is tentative support at last week’s lows, near 4470, but it has not been retested.

/zigman2/quotes/210599714/realtime
US : S&P US
4,544.90
-4.88 -0.11%
Volume: 1.82B
Oct. 22, 2021 5:04p
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/zigman2/quotes/210598364/realtime
US : U.S.: Nasdaq
15,355.07
-134.52 -0.87%
Volume: 613,040
Oct. 22, 2021 5:16p
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/zigman2/quotes/208575548/composite
US : U.S.: Nasdaq
$ 374.10
-3.17 -0.84%
Volume: 36.28M
Oct. 22, 2021 4:00p
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/zigman2/quotes/210598147/delayed
US : US Composite
2,291.27
-4.92 -0.21%
Volume: 1.32M
Oct. 22, 2021 4:30p
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/zigman2/quotes/209961116/composite
US : U.S.: NYSE Arca
$ 227.41
-0.54 -0.24%
Volume: 16.89M
Oct. 22, 2021 4:00p
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