Near Term Trend: Positive
Friday’s Close: 4,783.69
UPDATE: The Index traded to new historical highs two weeks ago by trading up to 4,840.00.
Continually we have been stating, “By all accounts, the Index is overbought on a near term basis, but tough to fade”.
In our last report we stated, “It feels heavy at this juncture”.
Low volatility (summer trading in the Northern Hemisphere) as with the S&P 500 makes it hard to read technically. However it has stalled.