Near Term Trend: Positive
Friday’s Close: 4,803.49
UPDATE: The Index traded to a new historical high once again last Monday.
Continually we have been stating, “By all accounts, the Index is overbought on a near term basis, but tough to fade”.
Our belief that the Index was overbought a few weeks back has had no effect on Investor buying.
NO CHANGE: For the last three weeks we stated, “Any price action above 4,750.00 keeps this Index on near term solid ground”.
NOTE: This week’s low was 4,757.00