More stocks are joining the party back toward records

The S & P 500 is marching back toward record highs, and it's not being led by megacap tech alone. More than 80% of S & P 500 stocks closed above their 50-day moving average last week — the most since April — Roth MKM chief market technician JC O'Hara pointed out. The equal-weighted version of the S & P 500 closed at a record, another sign of broadening market participation.

These events have been followed by a median rally of 8% that lasts about two months, chief global investment strategist Tim Hayes said. The S & P 500 ended Friday's session just 0.6% below its all-time high of 5667.20 reached in mid-July. To be sure, Roth's O'Hara noted the stock market was not yet out of the woods. He said the S & P 500 is pushing against key resistance levels. Ehat's more, trading volume remains concerning.

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