The S&P 500 finally took out its prior all-time intraday high this morning, and what a breakout we ended up having. Even nicer for the bulls was the fact that the Nasdaq Composite and the S&P 500 financial sector also made new bull market highs, which were two areas of the market that had been underperforming recently. All of these breakouts mean the prior highs should theoretically now act as support.
One area of the market that didn't participate at all today, however, was the homebuilders. While most sectors and groups were up more than 1% today, the homebuilders were actually down! As shown in the last chart below, the S&P 500 homebuilder group is really struggling to get back above its 50-day moving average, so don't even think about new highs for a while.