Near Term Trend: Positive
Friday’s Close: 4,818.05
UPDATE: The Index traded to a new historical high four weeks ago, and tested that region of 4,840.00 once again this past week.
Continually we have been stating, “By all accounts, the Index is overbought on a near term basis, but tough to fade”.
However, based on the gap lower in price two weeks ago we believed an initial move down to near term support at 4,550.00 was likely.
Thus far we are not correct as the gap was filled this past week.