The U.S. stock market appears to have hit a wall to the upside. After first making a run at the 1900 level on the S&P 500 Index in early March, stocks have struggled over the last two months to break out above this headline level. Whether they are able to successfully advance through to the upside remains to be seen, but I would consider such an outcome more than likely at this point simply because the uptrend in stocks remains intact. Perhaps what is even more notable, however, is that the core of the U.S. stock market continues its relentless advance to the upside when the long anticipated acceleration in economic growth fails to materialize in any meaningful way.
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