New All-time Highs and More?
With the end of the summer in just a few short weeks ahead and the start of Fall it appears the US stock market is poised to record new all-time highs and possibly extend its gains over the next few weeks. The technical bases that have developed during the summer represent high level consolidation phases allowing for the alleviation of overbought conditions and new highs.
Attached below are the technical breakouts for three key US major indexes including S&P 500 Index (SPX), Dow Jones Industrial Average (INDU), and the NASDAQ Composite Index (COMPQ). Also enclosed are key initial support levels.
S&P 500 Index (SPX - 3,327.77)
Breakout above 3,233.13 --> +267.47 or 3,500.60
Initial support = 3,200-3,204, 3,116-3,128, and 2,967-3,000
Dow Jones Industrial Average (INDU - 27,201.52)
Breakout above 27,580.20 --> +2,737 or 30,317.20
Initial support = 25,992-25,995, 25,523.50, and 24,843-24,971
NASDAQ Composite Index (COMPQ - 10,998.40)
Breakout above 10,824.80-10,839.90 --> +642.30-657.40 or 11,467-11,497
Initial support = 10,500-10,558, 10,182.5-10,217, 9,664-9,810.5, and 9,403-9,560