Near Term Trend: Positive
Friday’s Close: 2183.87 (-3.15)
UPDATE: Month of August continues to be a generally low volatility time for the Index as thin trading is exemplified by summer vacations.
Regardless, the Index dis trade up to an intra-week high of just over 2194.20.
Four weeks ago 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”.
This past week, the Index came within 21 points of that objective, and certainly a near term top may be something to consider.