Further strength in major indexes Thursday pushed all to new short and intermediate-term highs. Dow 30 and Value Line index closed at new all-time highs. S&P 500 was last 1.92 from equaling October 9, 2007 high (1565.15). NASDAQ Composite remains well below all-time high (5048.62 and intraday high at 5132.52) made March 10, 2000.
All cycles remain positive.
Market volume rose 7.6% Thursday.
S&P 500 must decline below lower edge of 10-Day Price Channel (1524.82 through Friday). Intermediate Cycle in S&P 500 becomes negative below lower edge of 10-Week Price Channel (1459.67 through March 15).
Daily MAAD rallied Thursday and was positive by 16 to 4, but indicator was last just below new short to intermediate-term high made March 11. Daily MAAD Ratio was “Overbought” at 1.97.
Daily CPFL, positive by 2.70 to 1 Thursday, rallied to new short to intermediate high and best level since August 15, 2011. But as measure of how CPFL has underperformed since then, S&P 500 was near 1200 on that date. Daily CPFL Ratio was moderately “Overbought” at 1.66.
Cumulative Volume (CV) in both S&P 500 and S&P Emini remains in synch with S&P 500 pricing in that both have moved higher since November lows, but long-term negative CV persists.
My ES pivots for today :
Important FOMC at 2pm, so markets will probably be quiet till after the news.
Anyone wants to share his pivots for today?