Stocks had another good day on Tuesday, with the S&P 500 (SPX), S&P 100 (OEX), Nasdaq, and Nasdaq 100 (QQQ) all rising about 0.6%. The major indices are putting together a very good streak. Over the past six days, the SPX has popped 7.8%, the best move since March 2022 (which turned out to be a bear-market rally); November 2020; and March and April 2020 (coming out of the pandemic). Prior to 2020, we have not seen that much strength over a six-day period since 2011. The Nasdaq and the QQQ have jumped 10% in six days, but this is much more common with these more-volatile indices. The major indices are quickly approaching some key pieces of resistance, so it wouldn't be surprising if stocks cooled off a bit in the not-too-distant future. The sharply declining 50-day average for the SPX will be near 5,600 in a couple of days, while a 61.8% retracement of the correction lies at 5,646. The flat 200-day is up at 5,746 and overhead supply starts at 5,700 and runs back up to the old highs above 6,100. Both the Nasdaq and the QQQ have almost reached their 50-day averages, with a 61.8% retracement for the Nasdaq coming in at 18,070 and a 61.8% take back for the QQQ at 487. The 200-day for the Nasdaq is at 18,300 and for the QQQ it is at 490. While we have seen multiple breadth thrusts, which generally bode well for the intermediate/long-term, many breadth measures remain depressed and will need to improve in the months ahead. Only 37% of the stocks in the S&P 500 are above their 200-day; for the OEX, the reading is 47%; and for the QQQ it is 43%. (Mark Arbeter, CMT)

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It is hard to find anything but good news in the current weekly insider-sentiment data from Vickers Stock Research. Volatility remains the order of the day in the stock market -- but for three consecutive weeks, the data from Vickers has suggested a bottom may be near, or already in. Let's jump right to the numbers. Vickers' NYSE One-Week Sell/Buy Ratio is 1.30 this week, this on a scale where anything below 2.00 is bullish. The ratio has been bullish for the past three weeks. Moving to the Nasdaq, the one-week ratio is 2.40. That is still neutral but closing in on bullish, and the ratio has been strong enough of late to engender nine consecutive weeks of improvement in the broader Nasdaq Eight-Week Sell/Buy Ratio. That reading has improved to 3.28 (neutral) from 5.20 back on March 10. All of the above has Vickers' Total (all exchanges) One-Week Sell/Buy Ratio at a bullish 1.76 and the Total Eight-Week Sell/Buy Ratio close to bullish at 2.63 after nine weeks of improvement. On a sector basis, insider buying exceeded selling in Financials last week, with shares valued at $4.5 million bought versus $3.9 million sold. Buying also outpaced selling in Energy, although volume was light with less than $100,000 shares bought during the period. Selling was the greatest in Consumer Discretionary over the last week, with shares valued at $21 million sold versus just $2 million bought. Selling was also notable in Industrials, Consumer Staples, and Healthcare. This week, analysts at Vickers highlighted insider transactions of interest at HEICO Corp. (NYSE: HEI) and Elevance Health Inc. (NYSE: ELV).

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