After the DJIA made an all-time high on Tuesday, as well as a 43 point advance on Wednesday, the overall market was mixed as the other major averages hardly moved. The Dashboard has risen to a “2” neutral reading, as there was a positive MACD crossover today on the NASDAQ Composite Index in Indicator #5 (refer to top chart). So far the broader-based S&P 500 Index has not yet reached their 2007 highs which would be 25 points higher. The NASDAQ Composite at 3222.36 is still well below its all-time high in March 2000 at 5084. With all the hype on the financial news channels, radio and TV, and in the print media about the DJIA record, you’d think that there was a “big” party going on in Wall Street that everyone should be aware of. More often than not, this type of massive media blitz occurs at market tops and bottoms. So we’ll see what develops.
Indicator #8 NASDAQ Summation Index and MACD has had a positive crossover today of its 5 day-ema, but this has not been accompanied by a positive MACD crossover as of yet. So there is no change in this indicator. Refer to second chart.
A full report will be provided on the weekend. Keep your powder dry for the next buy signal.