This past week the S&P 500 drove past our targeted resistance point of 4400 on very strong Capital-Weighted Volume and capital flows. The internals followed suit with an advancing Advance-Decline Line and stocks nearing 2023 yearly highs.

Both Capital Weighted Volume and Capital-Weighted Dollar volume are closing in on all-time highs. Last week witnessed very strong capital inflows of $62 Billion with slightly above-average outflows of $43 Billion.

S&P 500 support is 4400 and then 4200. The next major S&P 500 resistance resides @ 4550. Overall, strong inflows continue to drive the markets higher as the generals (NDX 100) are finally rallying up the troops (Russell 2000).

Grace and peace my friends,

BUFF DORMEIER, CMT®

Updated: 6/20/2023

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