21 July 2009 – Dow Hits new highs

ASX Commentary

21 July 2009 – Dow Hits new highs

Wed, Jul 22, 2009

The S&P 500 closed firm after a weak start, but smaller cap stocks and banks lagged. The Dow Jones Industrials is into new high ground but the Dow Transports has not made new highs as yet and actually closed a little weak. It will be important confirmation to have the Transports make new highs. Back to the S&P 50, we have 2 red alert bars now where 5 or more are of concern. The market is extended so we need to be wary, even though daily trend and momentum filters are clearly strong. No need to panic but be vigilant.

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Nick Radge - who has written 899 posts on The Chartist.

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