Until this week, the market’s historic upside has been led by the more defensive sectors and the mega-cap stocks. In Troops chasing generals early this week, we highlighted that a sneaky recovery high in the NYSE advance/decline line, which we thought signaled better market participation and suggested further near-term upside for the Russell 2000, KBW Banks Stock Index, and the S&P 500 Industrial Sector. We had no idea the catch-up trade would happen so fast, but everything moves at lightning speed after the March crash. Let’s look at where the charts currently stand after the last two-day ramp:
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