DJIA New High Imminent
The Bull Market Express rocks on. Following a bout of hesitation throughout the balance of Thursday’s trading, I look for the benchmark averages to power higher in unison. The Dow Jones Industrial Average has held above both the all-important 17,500 threshold and its 50 day moving average. But despite lagging the S&P 500 index of late, I look for the Dow to breakout into new, all-time high territory by week’s end.
The S&P 500 is being pulled higher by the hotter-than-fire NASDAQ Composite. The S&P has already exceeded its 2,093.75 price octave and is now doing the dance just below 2,100. I expect we’ll be looking at 2,125 by close of trading this Friday.
The real fireworks in this market are in the NASDAQ Composite. You may recall we haven’t seen new highs in this index since March 2000 – 15 years ago. That tune will change here very soon as well as I look for the NAZ to break above 5,000 by this Friday and it won’t be long after that we will be seeing new all time highs in this index once again.
If you feel like you’re getting nose bleed up here you’re not alone. But dab it with your handkerchief – because I believe we probably have just shy of three months remaining in this bull market. Let’s enjoy the ride!
Each month, Stan Harley publishes TheHarley Market Letter, a newsletter that provides advanced technical analysis of stocks, bonds, and precious metals. This is the latest update to the Harley Market Letter for February. Want to learn more from acclaimed market analyst Stan Harley? Visit his site and subscribe to the full Harley Market Letter.
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