The stock market is firing on all cylinders today. The Industrials and Transports are poised to close at new all-time highs, and this time decisively. The last two new highs reached by the Industrials in 2014 cleared prior closing highs by 7 points and 3 points, respectively. Today the two averages may close nearly 100 points above prior highs. Dow theory bull signal confirmed again. The S&P 500 also closed at an all-time high.
We are still seeing broadening (megaphone) formations in play but again these are not necessarily bearish. Green bars on the charts below show today's solid performance and confirmation.
The Russell 2000 is the big winner today, up nearly 2.5%. The small-cap index that has fallen out of favor bounced off its support near 1090 and gapped higher, adding weight to the argument that the growth pendulum has swung too far.
Last Thursday the European Central Bank met and decided not ... Log in or subscribe to continue reading.
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