Until Monday, I had forgotten what the color red on my quote screen looked like. That was the first day I’ve seen all the major market indexes that I track down for the day in some time, at least to my memory. Let’s be frank, the situation has reached a point where we can always expect that the moon will orbit the earth, the birds will fly south for the winter, the sun will rise in the east, and the market will make a new high today.
And so, all was again right with the world today as the NASDAQ Composite Index posted a new all-time closing high on higher volume as shown on my eSignal® chart below. I have noticed that other sources will show varying volume levels, but all I can tell you for certain is that on this chart, NASDAQ volume was higher today.
As would be easy to guess, the S&P 500 Index also posted a new all-time closing high on higher volume, according to my eSignal® chart below. The indexes remain in a relentless grind higher, but I notice fewer and fewer stocks coming through my long screens. This may or may not be a problem, but could be an indication that things are getting a little stretched here. However, one could argue that things have been getting stretched for a while now, so this doesn’t necessarily have any strong implications one way or the other, as I see it. Just watch the set-ups.
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