Market Still in Rally Mode

On Monday, the market opened up and traded sideways in a narrow range day, adding to Friday's advance. The Nasdaq gained +44 points (+1.08%) and made another new high. The S&P climbed +9 points (+.53%) and the Dow closed up +73 points (+0.45%); both made all time highs.

Advancers beat decliners by a 2.5 to 1 ratio. Up volume beat down volume by  a 3 to 1 ratio. Today was also the second day in a row that the market closed above the highs of the Nov-Dec range pattern. The new highs also means the chances of a market correction are lessened. For now, the market is in long mode.