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The S&P 500 And Nasdaq Set New Highs On Friday, Here’s How To Trade Them Now

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The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) set new all-time intraday highs of 4,513.33 and 15,144.48 on Friday, August 27. The year-to-date gains are 20.1% and 17.4%.

The Dow Jones Industrial Average (DJI) set its all-time intraday high of 35,631.19 on August 16. The Dow Jones Transport Average (DJT) set its all-time intraday high of 16,170.05 on May 10, 2021. The Russell 2000 Index (RUT) set its all-time intraday high of 2,360.17 back on March 15, 2021. The year-to-date gains are 15.8%, 19.2%, and 15.3%.

The Dow 30 held its 50-day simple moving average at 34,713.53 on August 19. The S&P 500 stayed above its 50-day SMA at 4,348.73 on August 19. The Nasdaq traded below its 50-day SMA at 14,548.84 on August 19. Dow Transports traded above its 50-day SMA at 14,720.15 on August 24. The Russell 2000 broke out above its 50-day SMA at 2,237.43 on August 27.

The Dow Jones Industrial Average (35,455.80) set its all-time intraday high at 35,631.19 on August 16. The weekly chart is positive but overbought with the average above its five-week modified moving average at 35,045.57. Its annual, semiannual and quarterly value levels are 33,425, 32,997 and 31,968, respectively.

The S&P 500 Index (4,509.37) set its all-time intraday high at 4,513.33 on August 27. The weekly chart is positive but overbought with its five-week modified moving average at 4,407.11. The index remains in an inflating parabolic bubble formation as its 12x3x3 weekly slow stochastic reading is above 90,00 at 95.03. Its quarterly and annual value levels are 4,075 and 3,932, respectively.

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The Nasdaq Composite (15,129.50) set its all-time intraday high at 15,144.48 on August 27. The weekly chart is positive but overbought with its five-week modified moving average at 14,703.79. The index is in an inflating parabolic bubble formation as its 12x3x3 weekly slow stochastic reading is above 90.00 at 92.79. Its quarterly pivot is at 14,447 with its semiannual and annual value levels at 12,465 and 12,000, respectively.

The Dow Jones Transport Average (14,905.00) set its all-time intraday high at 16,170.05 back on May 10. The weekly chart is positive with the five-week modified moving average at 14,776.34. Its annual pivot is 14,424 with its semiannual and quarterly value levels at 13,258 and 13,160respectively.

The Russell 2000 Index (2,277.15) set its all-time intraday high at 2,360.17 on March 15. The weekly chart is neutral with the index above its five-week modified moving average at 2,236.32. There is a double-top from the highs set during the weeks of March 19 and June 6. Its annual pivot is 2,120 with quarterly and semiannual value levels at 2,013 and 1,921, respectively.

The Philadelphia Semiconductor Index (3,436.45) set its 52-week high of 3,451.41 on August 5. It will have a negative weekly chart on a close next week below its five-week modified moving average at 3,313.35. Its quarterly pivot is 3,378 with its semiannual and annual value levels at 2,707 and 2,424, respectively.

Source: Forbes

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