S&P 500, Nasdaq Set Sights on All-Time Highs

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S&P 500, Nasdaq Set Sights on All-Time Highs

So the Trump Bump continues to play out in favor of bulls. Tuesday delivered a clear breakout of the downward channel with only the 50-day MA left to play as resistance.

From a technical perspective, there are only stochastics [39,1] left to cross the bullish threshold. Although, the index has switched to underperformance relative to the .

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With the () finally clearing resistance it was an easier day for the and .

Neither did much beyond their opening gaps, but the S&P 500 is challenging its ‘bull trap’ on net bullish technicals. Despite this, the index is underperforming the Nasdaq.

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The Nasdaq did a little better for peer indices and cleared the psychological 20K mark for a third time. This came with a MACD trigger ‘buy’ along with a ‘buy’ in ADX.

Volume was a little light, but another upside day would likely bring with it a bull cross in On-Balance-Volume and therefore a new net bullish technical picture.

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From a trade perspective, look to the . It finished the day at the resistance of former trend support on a narrow range day.

today will be interesting as near-term stochastics are overbought (although intermediate stochastics are bullish, and not overbought). Look for a short attack.

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For today, the likelihood is that there will be some clawback given the sequence of gap-driven candlesticks.

However, if there is a down day, but indices manage to stay near highs, then the chance of the week finishing at new all-time highs (for the Nasdaq and S&P 500) will be quite high.

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#Nasdaq #Set #Sights #AllTime #Highs

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