S&P 500's Broad Stock Gains Are Seen as `Technical Pillar'
Gains among U.S. stocks are broad enough to make it “very difficult to turn negative,” according to J.C. O’Hara, chief market technician at MKM Partners LLC. O’Hara cited an indicator that tracks the daily gap between the number of rising and falling shares in the S&P 500 Index. The cumulative advance-decline line climbed to a record Friday, according to data compiled by Bloomberg, even though the S&P 500 last set a new high on May 7. “Breadth is the strongest technical pillar for the current market,” O’Hara wrote in a report Sunday.