{"id":63535,"date":"2023-03-03T13:25:39","date_gmt":"2023-03-03T21:25:39","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=63535"},"modified":"2023-03-04T16:03:21","modified_gmt":"2023-03-05T00:03:21","slug":"picture-perfect-support-for-bulls-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2023\/03\/03\/picture-perfect-support-for-bulls-the-market-breadth\/","title":{"rendered":"Picture-Perfect Support for the Bulls – The Market Breadth"},"content":{"rendered":"\n

Stock Market Commentary:<\/strong><\/h2>\n\n\n\n

Put all the headlines aside. Last week was all about the technicals. Picture-perfect support unfolded for the major indices and stopped bearish momentum dead in its tracks. Suddenly, the stock market went from the verge of confirming a short-term top from early February<\/a> to looking ready to make a run at challenging those highs.<\/p>\n\n\n\n

Still, taking a step back shows that overall, the market is dominated by seesaw action<\/a> as no new trend has yet to emerge since the October lows. On the fundamental side, the seesaw action with interest rates seems to be a driving factor for holding the market trendless since iShares 20+ Year Treasury Bond ETF (TLT) broke down last September (TLT is inversely correlated to bond yields). Since then, rates have bounced up and down with TLT currently trading at levels last seen in early 2014 and getting as low as levels last seen in 2011. I am duly noting the stock market’s increasing comfort with higher interest rates.<\/p>\n\n\n\n