Off the Charts
The Dow extended its win streak to 10 days, the longest such streak since 1996, and closed at all-time highs once again Thursday. Macro investors continue to get rewarded, but traders are finding it harder and harder to justify new long positions. The S&P (SPY) edges ever closer to its all-time high, and if this trend continues the index might reach 1700 much earlier than 2015. The S&P and Dow both finished up around 0.6%.
While the Dow has continued to creep higher, the S&P has actually put in a mini-upper level range over the past few sessions that traders could have used as a frame of reference. This morning the index opened just above the upper end of that three-day range (1556) and held the gap before pushing higher into the close. Still, there wasn't a lot of momentum to play after the up open this morning....626 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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