Below are six cash indexes that I find somewhat interesting in this record-high market of ours. First, we have the NASDAQ Composite, which didn’t draw any benefit from Nvidia’s ho-hum performance after earnings this week. This has not achieved new highs, and it continues to be priced for perfection.
The Dow Industrials burst forth into lifetime high territory, although I do note that shooting star candlestick represented by Friday’s price action. If I can dream just a moment, a down market on Tuesday with the day’s high lower than Friday’s low would set up a beautiful island reversal pattern.
The S&P 100, like the NASDAQ, failed to achieve a new high and closed relatively weak on the day.
The Russell 2000 rallied up to the underbelly of its failed price channel. This is an interesting zone of resistance.
Of course, the semiconductor index has been the outright sensation for some thirteen months now, but we are awfully high in the confines of this pattern, and even if this channel were to continue for years to come, this is due for a pullback.
Lastly, the S&P 500 isn’t completely mashed up against its channel, but it is awfully close. The best candidate for getting some seriously selling going here would be something totally out of our hands, which would be the meaningful reignition of hostilities with Iran.
