Dow Jones Industrials Posts New Highs
It may only have thirty stocks, but those thirty stocks are wasting no time posting new highs. It's working as a lead index at the moment, with the Russell 2000 not far behind. With these indices doing most of the leg work there is a good chance they will drag the S&P and Nasdaq along with them.
The Dow Jones Industrial Index is pushing itself beyond its rising channel, although volume is drifting lower. Technicals are positive and relative performance has been moving sharply higher since mid-February.
The Russell 2000 had little trouble regaining former support - turned resistance - now potential support again. It did so on the back of fresh 'buy' triggers in the MACD, On-Balance-Volume and ADX, although buying volume has been trending down since the capitulation peak at the 50-day MA swing low. Lots to like here, but this was (is) an extended index which was reverting nicely towards mean, before it started to kick on again.You've now read my opinion, next read Douglas' blog.
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