The Gilmo Report

March 3, 2019

March 2, 2019

The weekly charts of the indexes paint a picture of perfection since the Christmas Eve lows. The NASDAQ Composite Index claimed its tenth-straight week to the upside since those lows this past week, closing at a higher closing high on the daily on lighter daily volume. On the daily chart, the index remains within a five-day consolidation along the 200-dma.

The weekly chart, however, is just one big blue streak to the upside over the past ten weeks. I’m sure that if someone had told me on Christmas Eve that the NASDAQ would charge higher over the next ten weeks, I would have perhaps admitted that as possible, but only remotely so. But what might have seemed like a low-probability event back then is now market reality as we begin the third trading month of 2019.

 

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