Near Term Trend: Positive
Friday’s Close: 2099.06 (+ 8.96)
UPDATE: We had two inflection points highlig1hted within the last four weeks; 2065.00 & 2039.00.
Specifically we stated, “A move under 2065.00 would most likely define an area whereby concerted profit taking (selling) could snowball and gain momentum to the downside”. In addition, as price action was mulling around the 2060.00 region three weeks ago, we further highlighted. “In light of this, key near term support is 2039.00”.
Subsequently the way it played out, the low following that comment was 2040.20, and from that point forward the Index never looked back, rallying (59 points) up to 2099.06 this past Friday.
At this juncture for the 15th time in the last 14 months, the Index is within 1.6% of historical highs. Is this another false breakout attempt?