Into The Record Book

Today the Dow Jones Industrial Average, DJIA, finally put itself into the record book by closing with a new all time closing high. It closed at 17,156.85, surpassed its previous closing high of 17,138.20. Although today’s record high was not accompanied by a record close from the SP500, the Nasdaq 100 or the Russell 2000, but the Dow Jones Transportation did close with another new all time closing high.

The market breadth was not as strong as expected on a record closing day, but nevertheless it was positive. The advance issues outnumbered the decline issues, there was marginally more new high than new low, and a slight advantage went to the up volume over the down volume.

(click the chart to enlarge)


The market did start to fade toward the close. And one should not be surprised to see some initial weakness tomorrow. Today’s DJIA new high did not signify a market top. Another new high is expected from the DJIA since today’s high is confirmed by the Dow Theory.

Until the market has topped, continue to listen for messages from the market and continue to trade defensively.