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Beyond new highs

Posted by Dan on July 11, 2016

Markets kept climbing last week, and the S&P 500 came very close to new all time highs, which is what we called for. We may see a new S&P high today, even though a new lunar red period has started. But the LT wave for July projects highs on the 11th or the 26th, so let’s see.
The Nasdaq is not so close to its all time high and here the question becomes if it can break out above the 5000 level and stay there. Here is the chart:

^COMP (Daily)  9_26_2014 - 7_8_2016

My 3 indicators are all pointing up and the Earl2 has painted a bullish divergence. So, the odds for a break above 5000 and a further climb look pretty good. But it may not come without some hesitation. So, I think we will see a new high for S&P 500, but then probably a bit of a pullback for the next 10 days. If that pullback is mild then the market will be well positioned to climb further in August.

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