Chart of the Day - Friday, November 5th, 2021

Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). It's a chart of the Nasdaq Composite along with the number of new 52-week highs within the index. The Nasdaq just closed higher for the 10th consecutive day and the 5th consecutive week. Willie points out that we haven't seen this many new highs within the Nasdaq since March. It wouldn't be shocking to see the index cool off in the short term, given the face-ripping rally we've seen recently. However, in a comment, Willie explained that this is a bullish development longer-term; "New highs expanding is one of the most bullish things we can see from the stock market. When they stop expanding and start to contract is when we start to see trouble."