The stock market might be slowing down, but there's no stopping in sight.

Weekly momentum for the S&P 500 Index has started decelerating, according to Fundstrat analysts. But it would be "premature" to label a slowdown in gains as the initial development of a broader pullback.

"Not surprisingly, last week's low volume, shortened trading week produced few meaningful macro technical changes," Fundstrat wrote. However, "the S&P's intermediate and short-term index uptrends remain intact."

According to the analysts, growth versus value is still a "relative uptrend with no meaningful evidence of reversing yet." Growth in developed nations aside from the U.S. and Canada, however, continues to stall out at its 2014 high, "while relative performance vs the S&P continues to notably diverge having yet to rally above the Q4 2016 highs."

In the Tuesday, Nov. 28, note, Fundstrat included ideas for the coming weeks as high-flying 2017 draws to a close.

  • "Within the US, Technology leadership remains intact but well advanced with select groups beginning to pullback while Healthcare and Industrials are noteworthy as they test/challenge their relative uptrends that began in 2009."
  • "Healthcare's long-term relative performance is now testing its 2009-2017 uptrend. Medical Equipment, Tools and Supplies remain leading areas along with select Biotech. Timely long candidates following multi-month pullbacks/consolidations include: Cooper Companies Inc. (COO) , Illumina Inc. (ILMN) , Waters Corp. (WAT) and Vertex Pharmaceuticals Inc. (VRTX) ."
  • "Storage REITs continue to reverse two year bear market downtrends after bottoming in late August. Extra Space Storage Inc. (EXR) , CubeSmart (CUBE) and LSI Corp. (LSI) lead while Public Storage (PSA) is more timely as it bottoms at its rising 200-week/4-year ma."
  • "Brokers and Asset Managers continue to improve with Financials: Revisiting/reiterating positive technical outlook for E*Trade Financial Corp. (ETFC) , Affiliated Managers Group Inc. (AMG) , Raymond James Financial Inc. (RJF) , Stifel Financial Corp. (SF) , Bank of America Corp. (BAC) and Morgan Stanley (MS) ."
  • "Student Loan: SLM Corp. (SLM) and Navient Corp. (NAVI) remain vulnerable as relative performance leads to the downside."
  • "Analog Semis: After a surge from the mid August lows, Analog Semis are showing evidence of starting pullbacks as weekly momentum peaks and relative performance begins to reverse 4-month uptrends. Longer-term trends remain intact but pullbacks to 200-dma's are a possibility for Analog Devices Inc. (ADI) and Microchip Technology Inc. (MCHP) ."

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