Breaking News
0

SPX, DJI At New Closing Highs

By Guy S. Ortmann, CMTStock MarketsSep 21, 2018 10:20AM ET
www.investing.com/analysis/spx-dji-at-new-closing-highs-200344980
SPX, DJI At New Closing Highs
By Guy S. Ortmann, CMT   |  Sep 21, 2018 10:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Data Unavailable

The indexes closed higher Thursday with positive internals on the NYSE and NASDAQ as overall volumes rose on both exchanges from the prior session. While there were no changes in the near term trends, the SPX and DJI did manage to post new closing highs. Unfortunately, the data is unavailable this morning, allowing us to only analyze the chats for this report. With that said, we are maintaining our near term “neutral/positive” outlook for the major equity indexes.

  • On the charts, all of the indexes closed higher yesterday with positive internals on higher trading volume from the prior session. The SPX (page 2) and DJI (page 2) both closed above short term resistance to new closing highs. While the rest of the indexes advanced as well, there were no other violations of resistance or changes in trend on their part. However, the NDX (page 3) closed at resistance and should be monitored for a possible violation to the upside. So we find the near term trends remaining positive for the SPX, DJI and DJT (page 4) with the rest neutral. The cumulative advance/decline lines are unchanged as well with the All Exchange and NYSE neutral and the NASDAQ negative. All are above their 50 DMAs. As a side note, if one subscribes to “Dow Theory”, yesterday’s new closing high on the DJI confirms the new closing high accomplished by the DJT earlier this month.
  • With the data unavailable, we are not going to speculate on its status as we are unable to determine the impact of yesterday’s gains on the McClellan OB/OS Oscillators or the balance of the indicators. Valuation is a bit stretched with consensus forward 12-month earnings estimates for the SPX at $169.00, leaving the forward 12 month p/e for the SPX at 17.3 versus the “rule of 20” implied fair value of a 16.9 multiple. The “earnings yield” stands at 5.77%.
  • In conclusion, as there is no change on the charts regarding trend or general market breadth, we are maintaining our near term “neutral/positive” outlook for the major equity indexes.
  • S&P 500: 2,889/NA
  • DJI: 26,127/NA
  • Nasdaq: 7,891/8,108
  • NDX: 7,400/7,579
  • DJT: 11,396/11,601
  • MID: 2,020/2,053
  • Russell: 1,672/1,726
  • VALUA: 6,514/6,635

SPX, DJI At New Closing Highs
 

Related Articles

SPX, DJI At New Closing Highs

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email