While most economists and governments are focusing on the looming disaster known as Greece, the markets have been going their merry way and yesterday was no exception. Both the S&P 500 and the NASDAQ flashed important buy signals and appear to want to move higher.
What was particularly impressive yesterday was the fact that the NASDAQ made a new high with the move. Should the NASDAQ close above 5,092.04, that would represent a new weekly high close for this index. The S&P 500 must close over 2,126.06 to record a new high weekly closing record price. With the current mood of the market right now, I expect this to happen unless there is some extraordinary news that comes out that nobody can foresee at this moment.
This will be a great weekend to take advantage of the "52-week highs on a Friday rules". New highs are outnumbering new lows by 3 to 1, indicating that the investors are still very confident about equity prices.
The only laggard in the triad is the Dow. This index only represents a microcosm of all stocks traded, but is still viewed as a viable and important index. A move over 18,230 today will push the Dow in the plus column and turn all of the Trade Triangles green and positive. Continue reading "Game On, Both The NASDAQ And S&P 500 Flash Buy Signals"
