Summary
Minor new all-time highs were posted on Tuesday by the S&P 500, Nasdaq, Nasdaq 100, S&P 100, and the Invesco S&P 500 Top 50 ETF (XLG). As such, the market broadened nicely, with Consumer Discretionary (XLY +2%), Financials (XLF +1.1%), Communication Services (XLC +0.9%), and Consumer Staples (XLP +0.7%) leading the way. Tesla (TSLA) soared another 10% and has surged 27% over the past six days, leading XLY higher. Of note, TSLA jumped over its 200-day average for the first time since last November, just slightly exceeded a bearish trendline off the peaks since July 2023, and has run smack into its 200-week average. TSLA also completed a small inverse head-and-shoulders formation that was in the works. The recent gains in Financials have been much broader, with the mega-cap banks leading the way. The largest by market cap, J.P. Morgan Chase (JPM), has jumped almost 6% over the past four days to an all-time high. Bank of America (BAC) has risen 5% in four days, Wells Fargo (WFC) has climbed 7%, HDFC Bank (HDB) has spiked 11% over the past 12 days, Mitsubishi UFJ Financial (MUFG) has surged 16% in seven days, and Citigroup (C) is up 8% in seven days.
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