The Dow Jones Industrial moved above its June high on Monday and it has been able to hold above that level. In the meantime, the SP500 and the Dow Jones Transportation index are approaching their June high. The two lagging indices are the Nasdaq 100 and the Russell 2000. In order for this rally to continue, the SP500 and the DJT need to break above their June high along with the Nasdaq 100 and the Russell 2000. If these indices fail to break above their June high, then look for retracement back to their trendline for support.
Here are the updated charts for the major market indices:
DJIA:
DJT:
SP500:
Nasdaq 100:
Russell 2000:
I have been mildly bullish on the recent price actions and started to nimble on some long setup. I will continue to trade with reduced size until all the indices have broken above their June high with conviction.
