Major Stock Indexes Update
Attached is the updated stock index charts for the S&P 500, Nasdaq 100, Russell 2000, NYSE Composite, Dow Jones Transportation Average, German Dax and the FTSE 100.
US Indexes
The S&P 500 continues in Stage 2 currently. However, I'm changing my rating to a Stage 2B- as it's consolidating above the recent breakout and the 50 day MA is starting to catch up. On the weekly chart the uptrend is still intact and although it's attempted to push lower in both of the last two weeks, both times it's been rejected and closed not far from the previous weeks close. So although the price action is toppy, it could yet continue on higher to challenge the 2007 highs. A cautious note however, is that the 30 week WMA momentum, which has risen every week since the start of the year fell last week. So we need to be selective and focus on trader method positions imo.
European Indexes
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.