Although the S&Ps are breaking out (see E-Mini analysis below), the Dow Industrials lag well behind. The former have already pushed above late February’s key peak, generating a powerful impulse leg on the daily chart. However, for the Indoos to accomplish this they’d need to rally more than 500 points, exceeding 25,800. If the two continue to diverge, something’s got to give. I’m betting that the lunatic-powered FAANG stocks, which have an outsize effect on the S&Ps, will be hard-pressed to drag the Dow much higher, since the blue chip average represents America’s relatively unexciting industrial sector.  We shall see.