From our Aug 21 posting of the market's endurance, it didn't take long for the market to jump into new record highs for the SP500 & NASDAQ when the DOW broke through the 2nd price objective above 26000 after hurdling the 1st at 25550 levels. And the 2nd much awaited index element that came through was the NASDAQ Futures breaking the 7500 price level on the way higher.
COMPARATIVE PRICE ACTION as of US Trading Session
#SP500 Futures at 2,902.75 up by +4.25 (+0.15%)
#DOW Futures at 26,117.00 up by +40.00 (+0.15%)
#NASDQ Futures at 7,589.25 up by +21.25(+0.28%)
#DOW Futures at 26,117.00 up by +40.00 (+0.15%)
#NASDQ Futures at 7,589.25 up by +21.25(+0.28%)
#S&P 500 at 2,902.79 up by +6.05(+0.21%)
#DOW 30 at 26,110.49 up by +60.85(+0.23%)
#NASDAQ at 8,039.10 up by +21.21(+0.26%)
#DOW 30 at 26,110.49 up by +60.85(+0.23%)
#NASDAQ at 8,039.10 up by +21.21(+0.26%)
The fundamental catalyst that became the market driver was the US Mexico Trade agreement that literally drove the positive market support increasing volumes that saw all major US indices higher. Likewise, the spill over effects in Asian equities can be seen across the region with London on a holiday would try to catch up from all the excitement.
The price extension on the NASDAQ would have to be watched carefully for profit taking activities that can be considered to be a probable Melt-Up if no considerable volumes would be accompanied by the end of the week's trading.
ReplyDeleteAs this week also is the end of the month's trading where most position adjustments occur in a volatile fashion coupled by technical price gaps reflective on the charts.
Ray Dalio
ReplyDeleteChairman of Bridgewater Associates
Life Principles 3.2a
Excerpt: Most people make bad decisions because they are so certain that they’re right that they don’t allow themselves to see the better alternatives that exist.
Radically open-minded people know that coming up with the right questions and asking other smart people what they think is as important as having all the answers.
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