On the March
The Bull Market Express marches on. Three of the components of what I refer to as “the BIG FIVE” made new, all-time highs yesterday: the Dow Jones Industrials, the S&P 500, and the New York Composite. Even the Russell 2000 eked out new highs. The Dow Transports are lagging just a tad – but that doesn’t concern me, I believe the transports will likely join the new high club very shortly. And the NAZ is on fast track for a rendezvous with 5,000 once again and a challenge of its March 10, 2000 all-time high. The technical underpinnings I have under study would suggest strongly that new highs for the NAZ in the not-too-distant future are very plausible, indeed.
In the short term, I have three areas of resistance for the major indices to keep close tabs on: 2,125 for the S&P 500, 5,000 for the NAZ Comp, and 11,250 for the New York Composite. We should see those levels hit in the coming days. The combination of those resistance levels across the major averages will probably put the brakes on this northbound march. Ultimately those levels should be breached on the upside, though. But we may have to first undergo a period of back-and-fill. For now, I would urge investors to stand pat on long positions and enjoy the march higher. May 11, 2015, though, is starting to look very interesting on my charts…more on that later.
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.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer