Market Commentary – Equities Continue to Trend Higher, Immediate Overhead Resistance in SPX
The following commentary discusses the state of the minor and intermediate trends in the major US indices. It discusses an overall bullish composure in equities, as a result of (1) a positive signal that occurred in SPX in May, (2) a positive signal in the Russell 2000 Index (RUT), and (3) new highs in the NASDAQ 100 (NDX) and NASDAQ Composite (COMPQ) indexes. It outlines a short term positive signal that occurred last week, as SPX broke above minor resistance at 2742, and identifies the next level of overhead resistance.
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