Last week was another milestone for the stock market bulls. The tech-centric Nasdaq-100 Index gained ground for the 10th week in a row.

That matches the longest weekly win streak for the index since way back in 1999.

But stock investors aren't partying like they did back in 99, that's for sure.

The doom and gloom is thick enough to cut with a knife. Most folks simply can't believe the speed and magnitude of this early-year rally.

Even fewer believe stocks can head higher, but history shows that's exactly what to expect.

High-Growth Tech Stocks Retake the Lead

First, tech stocks have shifted back into a leadership position for the overall stock market. And unlike last year, it's not just a few of the highflying FAANG stocks (Facebook, Apple, Amazon, Netflix, Google) leading the rally.

It's very broad based.

The S&P 500 has been up nine of the past 10 weeks, and the vast majority of stocks large and small, tech and nontech, have advanced over this period

At the same time the number of declining stocks is shrinking. The stock market's overall advance-decline line has busted out to all-time highs.

The S&P, Nasdaq and other indexes, however, have yet to reach new highs.

This tells me there are plenty more rank-and-file stocks that could move to new highs. That's a very bullish sign telling me the major indexes should also hit new highs soon.

2019s Rally Is Just Getting Started

Many folks I've talked to recently are convinced stocks simply can't maintain this upward momentum.

What goes up must come down is the phrase I've heard from plenty of skeptics.

Ignore this gut reaction. History shows the opposite is often true.

What goes up can keep moving up faster and further than you think.

Case in point, analysts at Bespoke Investment Group crunched the numbers on every time the Nasdaq posted a big move over a similar time frame of 10 weeks.

Guess what they found?

Stocks were much more likely to keep moving higher than to turn lower.

The Nasdaq posted eight other 10-week winning streaks just like this year.

A month later the index moved higher almost 80% of the time, with a median upside move of 3.1% over the next month.

There were only two cases when the Nasdaq declined one month after a big winning streak, and the average decline was just 2.2%.

Even more impressive, three months later the Nasdaq was higher 100% of the time, posting average gains of 10.1% over that period!

The lesson: Don't get spooked into staying on the sidelines because you feel like the stock market train has already left the station and left you behind.

History shows that stocks can still move a lot higher from here.

For Technology Profits Daily,

Mike Burnick