Weekly Market Charts – May 2

May 3, 2007: 7:47 AM CST

The market notched another record closing high for the Dow today. Such headlines inspire more yawns than cheers now. Are investors becoming complacent?

Here is a look at the swing chart of the major indexes:

Dow Jones

dow-weekly.jpg

  • New Price Highs confirmed by New Momentum Highs. This suggests higher prices are yet to come.
  • Uptrend is solid with regular and (arguably) shallow pullbacks. Odds favor continuation.

Nasdaq

nasdaq-weekly-may2.jpg

  • The Nasdaq is showing a different momentum pattern than the Dow.
  • New price highs are NOT being confirmed by New Momentum Highs. This is not comforting.
  • Market successfully ‘tested’ the rising 50 period MA
  • Red “trend” oscillator recently bounced off zero and turned up – a bullish signal
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