The rally could move on for much longer and go much higher from here, but it's incredibly selective right now. The range has been limited as gains have consolidated. 

Market Breadth & Leadership 

There was lots of green on the screen Friday, although the volume was light it was decidedly bullish. Moreover, advancers swamped decliners, particularly on the New York Stock Exchange (NYSE).

Despite the current momentum of names in the NASDAQ Composite, there were more new lows than highs on Friday. 

Tech & Communication Services

It's all about Artificial Intelligence (AI) picks and shovels and those companies buying them the most. There is no care about valuations or valuation metrics. Right now, it’s a gold rush, and those running the fastest, no matter the expense, are being rewarded the most. 

Technology (XLK) is all about semiconductors and hardware. 

Keep an eye on these industries as the NASDAQ tries to build on its momentum. 

Today’s Session

Is this the start of the summer rally?  Seasonality and AI might not be enough of a one-two punch to guarantee a summer rally, but there is no doubt the bias has returned to the upside.

Lack of participation can be seen as a plus or a minus – I think it’s a yellow flag, as more names should be participating.