As predicted last weekend, the Dow, Nasdaq, and S&P 500 all had a good week.
In the Dines principle of trend trading you assume continuation of the previous trend until proven otherwise. On sideways days, assume continuation of the previous trend.
Overall, you should feel upbeat about the Dow going into next week.
However, caution is recommended as the Dow has been lagging behind the S&P 500 and the Nasdaq. Also the volume continues to fall going into the uptrend. One of two things can happen, either volume begins to pick up on the upside, or the Dow reverses. Currently, volume picking up on the upside is the most likely scenario.
The break above May's high of $8587 is bullish.
As predicted last weekend, the Dow, Nasdaq, and S&P 500 all had a good week.
In the Dines principle of trend trading you assume continuation of the previous trend until proven otherwise. On sideways days, assume continuation of the previous trend.
S&P 500
Overall, you should be feeling upbeat about the S&P 500 going into next week.
The dangerous Descending Triangle like pattern that was forming last week did not result in a downward breakout. The pattern is now null and void.
The break above the 200 day MA line and the $930 to $931 resistance is bullish and is following in the path the Nasdaq took last week.
Nasdaq
Overall, you should feel upbeat about the Nasdaq, even more so than the S&P 500.
Upside leadership continues to come from the Nasdaq.
The 50 day MA crossed above the 200 day MA although we would like confirmation of at least severals days of the Resurrection Cross.
The break above May's resistance of $70.22 is bullish.
The upside leadership from the Nasdaq is important in sector rotation theory which states the Technology sector will lead us out of all bear markets.
Dow
Overall, you should feel upbeat about the Dow going into next week.
However, caution is recommended as the Dow has been lagging behind the S&P 500 and the Nasdaq. Also the volume continues to fall going into the uptrend. One of two things can happen, either volume begins to pick up on the upside, or the Dow reverses. Currently, volume picking up on the upside is the most likely scenario.
The break above May's high of $8587 is bullish.
As predicted last weekend, the Dow, Nasdaq, and S&P 500 all had a good week.
In the Dines principle of trend trading you assume continuation of the previous trend until proven otherwise. On sideways days, assume continuation of the previous trend.
S&P 500
Overall, you should be feeling upbeat about the S&P 500 going into next week.
The dangerous Descending Triangle like pattern that was forming last week did not result in a downward breakout. The pattern is now null and void.
The break above the 200 day MA line and the $930 to $931 resistance is bullish and is following in the path the Nasdaq took last week.
Nasdaq
Overall, you should feel upbeat about the Nasdaq, even more so than the S&P 500.
Upside leadership continues to come from the Nasdaq.
The 50 day MA crossed above the 200 day MA although we would like confirmation of at least severals days of the Resurrection Cross.
The break above May's resistance of $70.22 is bullish.
The upside leadership from the Nasdaq is important in sector rotation theory which states the Technology sector will lead us out of all bear markets.
Dow
Overall, you should feel upbeat about the Dow going into next week.
However, caution is recommended as the Dow has been lagging behind the S&P 500 and the Nasdaq. Also the volume continues to fall going into the uptrend. One of two things can happen, either volume begins to pick up on the upside, or the Dow reverses. Currently, volume picking up on the upside is the most likely scenario.
The break above May's high of $8587 is bullish.
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