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Market Update 2/24/2017

Daily Market Analysis

Market Update 2/24/2017

The Dow Jones industrial average ended marginally higher today, logging its 11th straight record close and its longest winning streak since 1992.

Here’s a look at the  intra-day index charts starting with the unbeatable champ:

Dow Jones

Absolutely nothing can keep this index down it seems, performing nothing short of pure magic just before the close, shooting straight up at 3:00pm and rallying head long into the closing bell to end green. Amazing. 11 straight record closes….Bravo.

 

Nasdaq

Having closed down two days in a row the Nasdaq has taken a brief respite from the daily record setting the Dow is currently hell bent on performing, but the relative strength present in tech today was nonetheless a good sign as it was bid steadily and evenly throughout the day then popped higher to close on the highs of the day.

 

S&P 500

The S&P pretty much mirrored the price action of all the other indexes today. A bit more sideways price action throughout the day compared to the Nasdaq but still the same aggressive buying (possibly short covering) as the other major indexes was also apparent here as well.

 

Russell 2000

The small caps closed just shy of positive, but seemed to have a steady bid throughout the day which is encouraging seeing that they were the hardest hit during the mini sell off over the past three days.

 

A quick look at the VIX reveals yet another bearish candle stick right at a descending 50 period SMA. Another attempt at a downward break below 11 could be in the works. Our prediction for next week based on the current price action is for even more new highs and specifically a tag of the 2400 level for the S&P,  21,000 for the Dow, and 5900 for the Nasdaq.

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