Don’t look now, but the NASDAQ Composite is catching fire and putting in big distance against the Dow Jones Industrial Average and the S&P 500.
It’s all about the resurgence of high tech and merger mania in bio-tech.
This week’s move has taken out a potential bearish right shoulder formation on the chart, and now, there is only some resistance at 7,735 before the NASDAQ rallies back to 8,108.
The Russell 2000 is also up more than 15% this year, a proxy for the US economy, and a beneficiary of the strong dollar. These are more signs today that this is indeed a Goldilocks economy.
Construction spending also beat the street, despite residential spending declining for the sixth consecutive month. Business and government spending more than made up for that shortfall.
Year to year changes in non-residential spending:
Despite the great action, and resolve in the market, all the major indices must close above key resistance points to make that broad push to re-test the highs.
|XLK breaking out..|
stephen locke on 3/13/2019 1:01:04 PM
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