The Dow Industrial Average, S&P 500 and Nasdaq set all-time intraday highs last week at 23,485.25 on Oct.24, and 2,582.98 and 6,708.13 on Oct. 27, respectively. Dow Transports lags its all-time intraday high of 10,080.51 set on Oct. 13. The Russell 2000 also lags its all-time intraday high of 1,514.94 set on Oct. 5.
At last week’s mid-week lows, the Dow and Nasdaq tested their quarterly pivots of 23,256 and 6,596, respectively. Quarterly and semiannual risky levels are 2,621.0 and 2,651.5 on the S&P 500 with my semiannual risky level of 6,779 on Nasdaq.
Dow Transportation Average remains above my quarterly and monthly value levels of 9,674 and 9,629, respectively, with annual and semiannual risky levels of 10,167 and 10,715, respectively. The Russell 2000 remains above my monthly pivot of 1,476.12 with quarterly, semiannual and annual risky levels of 1,520.12, 1,531.61 and 1,548.95, respectively.
Overseas, the Nikkei 225 set a multiyear intraday high of 22,016.50 on Oct. 27, closing in on its 50% Fibonacci Retracement at 22,967 versus its all-time intraday high of 38,957 set in December 1989. The Shanghai Composite is still mired in bear market territory, 34% below its June 12, 2015 high of 5,178.19. The Chinese benchmark is also well below its October 2007 high of 6,124. It set a multiyear intraday high of 3,421.10 on Oct. 27. The Nifty 50 set its all-time intraday high of 10,366.15 on Oct. 27, while the German DAX set its all-time intraday high of 13,249.03 also on Oct. 27.
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">The Dow Industrial Average, S&P 500 and Nasdaq set all-time intraday highs last week at 23,485.25 on Oct.24, and 2,582.98 and 6,708.13 on Oct. 27, respectively. Dow Transports lags its all-time intraday high of 10,080.51 set on Oct. 13. The Russell 2000 also lags its all-time intraday high of 1,514.94 set on Oct. 5.
At last week’s mid-week lows, the Dow and Nasdaq tested their quarterly pivots of 23,256 and 6,596, respectively. Quarterly and semiannual risky levels are 2,621.0 and 2,651.5 on the S&P 500 with my semiannual risky level of 6,779 on Nasdaq.
Dow Transportation Average remains above my quarterly and monthly value levels of 9,674 and 9,629, respectively, with annual and semiannual risky levels of 10,167 and 10,715, respectively. The Russell 2000 remains above my monthly pivot of 1,476.12 with quarterly, semiannual and annual risky levels of 1,520.12, 1,531.61 and 1,548.95, respectively.
Overseas, the Nikkei 225 set a multiyear intraday high of 22,016.50 on Oct. 27, closing in on its 50% Fibonacci Retracement at 22,967 versus its all-time intraday high of 38,957 set in December 1989. The Shanghai Composite is still mired in bear market territory, 34% below its June 12, 2015 high of 5,178.19. The Chinese benchmark is also well below its October 2007 high of 6,124. It set a multiyear intraday high of 3,421.10 on Oct. 27. The Nifty 50 set its all-time intraday high of 10,366.15 on Oct. 27, while the German DAX set its all-time intraday high of 13,249.03 also on Oct. 27.
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