SHORT TERM: no record close for the DOW today.
After making a low by 10:00 the stock indices rallied until noon. Then, a gradual deterioration from the highs truned most of the indices negative for the day. It’s been a good month, and as I read earlier, a good quarter overall. For the month, the SPX rose 2.5%, the DOW 3%, the NAZ 4%, and the NDX 5%. On the week most of the majors rallied 2%. The SPX hit a new bull market high of 1340, and the DOW a new bull market high of 11,742. The NDX/NAZ made new highs for the uptrend. But after that serious May- July correction, are still about 5% from their bull market highs, as expected. It will only take the SPX a 3% higher to hit our target of 1383. This should take the DOW to new all time highs. And, a retest of the bull market highs for the NDX/NAZ is also expected. After that we should get a correction, and then, a resumption of the bull market. Best to your weekend!
MEDIUM TERM: bullish … all major indices uptrending
LONG TERM: bullish.