The Fang Stock Index at 990 is less than 1% from its all-time highs. The S&P 500 is also only about 5% from its all-time highs. FANG stocks are hinting they have the ability to quickly lead the market back to its uptrend.

Market Shaking Off All The Macro Noise

We've been saying S&P 500 ETF SPY's level of 268 was critical.268 was the point the market snapped higher today. Holding this level by close on a strong break higher can give investors confidence to invest in the strong fundamental trends we've been citing.

SPY 268

You see the chart to the left that the level 268 was important. This time a clear, strong break higher after reversing on that level in previous days, tells you the market may be changing back to the bullish side.

FANG Leading

We've shown that FANG stocks showed accelerating revenue trends this quarter. That may be one reason they are leading the market to potential all-time highs.

When the market leaders are doing well they can take the market higher with it. Also apple, as a key component to the market hitting new highs, may also be a hint that overall market new highs are on their way.

CPI Tomorrow

CPI reports tomorrow. Whatever the news is we care about the reaction.Trump came out yesterday backing out of the Iran deal and stocks rallied by the close.We care about “action” over news.If you get bad news and good action, like we did yesterday on the Trump-Iran news, and today again on the follow through, its a bullish sign. So whatever the CPI outcome ends up being tomorrow we care what the market reaction is.

So far it's looking bullish.