Both SPY and QQQ continue to drive this market higher. Note how far above the price is from their respective July 6-month calendar range highs (horizontal green line). Also note the momentum as indicated by Real Motion. SPY has a mean reversion to the sell side. Plus, with today’s new ATH, momentum did not make a new ATH. QQQ shows waning momentum and marginal leadership over SPY. So, what’s going on? Key Drivers of Record … Continue reading Why the Market Is at Record Highs