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DJIA back at new all-time highs while S&P near highs as Crude oil, Yields spike

90 mins til the bell, S&P has pushed yet again up to Above the highs of its recent pattern, looking to make new closing highs as of end of day along with the DJIA which has finally joined the other indices in moving back above July highs to all-time highs.  Transports are also outperforming, though the TRAN will require a move back over 8050 to help this start to accelerate.  Breadth is barely 2/1 positive but we’re seeing some constructive price action in the Consumer Discretionary group along with Energy which has moved back to recent highs with Crude pushing up above the last couple days highs.  Retail has helped Discretionary begin some definite mean reversion vs Staples and this very well could continue in the short run.  For today, XRT looks to have stopped right near key resistance at 45.60, but getting above would allow this entire group to show further outperformance in the short run.

Treasury yields have also spikedthough the larger pattern is still very much range-bound and will take a move back above 1.61 for TNX or above -.036 for Bund yields to consider this any type of breakout.  So while equities look to all have Broken out in the US.   Bond yields  certainly haven’t and most of Europe, with the exception of Germany also hasn’t.  Trends remain bullish in equities, and despite the choppy trading of late, we still haven't seen any signs of deterioration that would make a bearish stance prudent

 

 DJIA pushing back up to new all-time highs which had lagged the SPX, NDX but now most of the commonly watched US indices are back at new highs