All indices are at record breaking levels
The Nasdaq composite has been more of a laggard of late. This week, the S&P and Dow were making new session highs but the Nasdaq did not. Some of the delay was due to the last corrective move which saw rotation out of the tech and into the bigger cap stocks.
Today, the Nasdaq is playing a little catch up. It too is trading at a new record. A close above the 6912.35 will get that record. We trade at 6915.035 currently.
Looking at the daily chart above, the last corrective move off the recent high stalled right at trend line support (red circle 4). That kept the buyers still in control.
Focusing on the moving averages, the Nasdaq this year has only traded below the 50 day MA (white MA line) a handful of days. What is amazing is the 100 day MA was only tested once (back in August - see blue line). The 200 day MA (green line, wasn't even sniffed in 2017. What a year.
The record high in the Nasdaq today, is the first in the month of December.
The other indices are also at record levels today. The S&P is up 21 points or 0.79% to 2673.06 (2662.85 was the highest close before today). The Dow is up 146.5 points or 0.60% at 24655.27 (24585.43 was the highest close).
