The Gilmo Report

October 4, 2017

October 4, 2017

The market has continued to move higher as it corkscrews its way higher in rotational style. Nevertheless, it is a rally, and the NASDAQ Composite Index, along with most of the other major market indexes, continues to forge new all-time highs.

 

GR100417-$COMPQ

 

The S&P 500 Index also continues to move to new highs, in sync with all the other major market indexes. The only index that did not make a new high today was the Russell 2000 Index, which pulled back -0.3% on the day.
With the indexes now up several days in a row, a pullback to support, either at the 10-dma or the prior new-high breakout point of last week is not out of the question. As usual, it’s a matter of what individual stocks do, and it has been a bit of a mixed bag, with some volatility within the individual chart patterns, as we will see further below.

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