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Market Highs Supported by Defensive Sectors, Materials

Stocks continue to push higher, but Mark Newton Chief Technician at Greywolf cautions that not all stocks are moving up, pointing to defensive sectors like materials and healthcare. Newton also notes that these groups continue to show strength, along with commodities. Retail looks to have bottomed out and could show signs of a turn. Newton believes the market will continue on this uptrend and keep moving higher, but it won't be broad-based and spread across all sectors.