Fair to Middling

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The bulls continue to run the show. There’s no doubt about that. Let’s see what Wednesday (Fed Day) has in store, but for now, here are some indexes ranked from most bullish to least.

First we have the Dow Composite, which is simply raging higher every single day. It has broken above its wedge and is at a lifetime high.

Similarly, although a little more subdued, the small caps have the same situation.

And, so too does the S&P 500. This one is at least still within the confines of its wedge, as opposed to floating out in the stratosphere like the Dow Composite.

The land of tech stocks hasn’t been quite so unabashed. In fact, there are still a few drops of bearish blood coursing through the veins of the NASDAQ Composite.

As well as the NASDAQ 100.

Although the semiconductor index is virtually identical to the chart above, it is worth showing, since its channel break is so clean.

The oil sector remains, bless it, still prone to a true downturn. There’s not much wiggle room, though.

Finally, volatility has been smothered in its crib. This is basically as low as volatility has ever been permitted to go since Covid took hold.