Each of the Big Three market indexes, the NASDAQ Composite Index, the S&P 500 Index, and now the Dow have all now stepped into all-time high price territory. As the indexes move into new high ground, however, there has been noticeable churning with successively higher volume, as can be seen on the daily chart of the NASDAQ Composite below. Today the indexes pulled in to fill Monday’s gap on slightly lighter, but above-average volume.
Despite the moves to new highs in the Big Three, I’m still finding that the short side remains more than viable as former leading stocks continue to break down. Not only that, but I find myself in a familiar position, where the indexes are again at all-time highs but there is very little that I find all that appetizing on the long side.
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