In general when the stock market makes a new all-time high it attracts new buyers and the rally extends. This is not happening in the S&P 500, The new high was followed by a pull back below the previous high.
Does that mean the rally is over?
Based on various indicators and the wave count there is no evidence of an immediate top, the rally is likely to continue today. Nevertheless a top is near, in the FTSE 100 the level is 6920, and 1915 in the S&P.
Disappointing data from Europe means the ECB will probably cut rates at the next meeting, this is the main driver at the moment. As long as the situation in Ukraine does not deteriorate further, stock markets should push higher today and possibly tomorrow.
The FTSE moved sideways in the last few days, this move is a fourth wave, today we should see the fifth wave up.
