The market continues to inch back toward the all-time high, but remains in a trading range that invites trepidation, not fear. The stage is set, however, for a breakout this week.

Intriguing Mix

Retailers have enjoyed a strong run lately, led by dollar and discount stores. Now, investors are gravitating back to former superstars, like LuLulemon Athletica Inc (LULU).

Market Breadth

Friday was nearly evenly divided with advancers matching decliners, and up volume matching down volume, but new highs overshadowed new lows.

Market Breadth	NYSE	NASDAQ
Advancers	1,264	2,116
Decliners	1,502	2,588
New Highs	133	219
New Lows	33	62
Up Volume	1.61 billion	3.87 billion
Down Volume	2.26 billion	3.44 billion

Factors

There were two camps buying large-cap stocks on Friday: a conservative approach to buying “quality,” and an aggressive approach to buying “growth” and “momentum.”

High Beta Rules

I know I’ve cheered on a broader rally, but high Invesco S&P 500 High Beta ETF (SPHB) names are still the place to be, as they start the week at an all-time high.

Lots of economic data are scheduled this week, but it all comes down to the Federal Reserve.

Today’s Session

It’s a relatively static morning.  Lots of upgrades from Wall Street firms underscore that most are positioned for a year-end rally and for 2026.

More stocks have outperformed in the past month than in the past year.

The AI trade is getting another boost from the White House.

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