Friday, October 31, 2014

New High On the Dow Industrials, Not Quite On the S&P 500, Now What? (DIA; SPY)

Thus far in today's session the DJIA's 17,395.54 top-tick is a new all-time high while the S&P's high print of 2,017.45 falls a bit short of the 2019.26 record.
The interesting thing to note about today's action is the lack of euphoria.

Where's the market going? 
Higher.

How high? 
Don't know.

We've been fortunate just to get the direction right.

Oct. 18 following the Friday close of 1,886.76:
We are looking for a run back to new highs before we break the recent lows which were 1820.66 on the S&P 500, 15,855.12 on the DJIA....
Oct. 23 at S&P 1950:
We're still of the opinion that we see new highs on the S&P 500 (above 2,019.26) before we re-visit the recent 1820.66 low. 1950.82 last.
We'll have more tomorrow or Sunday or whenever the computers grace us.