Near Term Trend: Positive
Friday’s Close: 2175.03 (+ 9.86)
UPDATE: Last week marked the first time in fourteen months and several failed attempts that the Index was able to post a settlement above 2135.00, and settle at new historical high territory. In the last 18 trading sessions, the S&P has traded over 185 points higher. This represents a move of 8.5%.
Last week, our closing comments were as follows, “At this juncture, if the rally were to continue, somewhere in the neighborhood of 2215.00, that would be an area where profit taking should cap further advances”.
Same thinking heading into this week.