Stocks have continued to plow ahead, with $SPX making repeated new all-time highs this week. For the most part, these new highs have been accompanied by strong internal indicators, too.
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Stocks are making new all-time highs this morning, as this is being written. This includes $SPX and $NDX, but not $RUT (Russell 2000) and $DJX (The Dow). The $SPX chart remains very positive, and now we need to see if this breakout can be sustained, or if it will turn into another miserable failure, similar to what happened this past February. The internal indicators are improving, though, and this may help propel the market to substantially higher prices this time around.
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The broad market continues to inch higher, and has so far remained above the previous downtrend line that connected the February and May highs. The only overhead resistance is the all-time highs at 6150. There are several support levels below, from 5940 down to 5700. Several of them are denoted with horizontal blue lines on the $SPX chart in Figure 1.
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The downtrend line connecting the February and May highs was a major impediment on the upside, and now $SPX has overcome that. For the previous three days, $SPX has traded above that downtrend line, probing up towards 6000. But each day's close has seen the Index slip back. Today, a strong reaction to the Unemployment Report, has seen $SPX trade up to new relative highs. If it can hold this level today, above 6000, new highs should be the next stop.
