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Will The NASDAQ And S&P 500 Continue To Move Higher?

Adam Hewison - MarketClub

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This week both the NASDAQ and S&P 500 made new all time highs and in doing so turned the Trade Triangles back to the positive mode on both indices.  

Well here we are, it's Friday, and the question is. Is this trend going to continue? I say yes, at least for now.

The only index that has not joined the party is the Dow. The problem with the Dow is that it is made up of just 30 stocks big stocks who are not seeing much growth as of late and have been somewhat hurt with the strong dollar. Unlike the NASDAQ and the S&P 500 which are much broader indices and offer a bigger cross-section of growth stocks.

Yes, I know there are lot's of problems in the world and they're not likely to be cleared up anytime soon. However, the only game in town right now is trading stocks from the long side until the party is over. When will it be over? Well, I'll leave that to the Trade Triangles to tell me. The reality is most markets including stocks tend to swing too far on the upside and downside. At the moment, the line of least resistance for stocks is to the upside.

In today's video update, I will be looking for markets that are making 52-week highs and also for markets that are trending upwards towards the end of this week.

As always I will be looking at all three of the major indices, plus gold, crude oil and the U.S. dollar.  

The markets have just transitioned through a very choppy trading environment as the Trade Triangles were mixed on both the S&P 500 and the NASDAQ. That situation has now been remedied with the Trade Triangles aligned and in a strong upward trend.

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