Weekly Market Charts – May 2
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
- 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
- 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