Here are key charts and levels for the five major equity averages.
I focus on what I consider the five most important averages or indices within the stock market.
The Dow Jones Industrial Average is above its 200-day simple moving average at 26,223.77 but is below its June 5 to June 10 “island reversal.” Its weekly chart is positive.
The S&P 500 is above its 200-day simple moving average at 3,033.07 as a golden cross is confirmed on July 10. It traded above its June 5 to June 10 island. Its weekly chart is positive but overbought.
The Nasdaq Composite is well above its 200-day simple moving average at 8,872.06 and is above a golden cross that formed back on June 2. Its weekly chart is positive but extremely overbought. Its 12x3x3 weekly slow stochastic reading is above 90.00 on a scale of 00.00 to 100.00, putting the index into an inflating parabolic bubble formation. The Nasdaq set its all-time intraday high of 10,824.78 on July 13 then closed below its semiannual pivot at 10,639, which is a sign of a top.
The Dow Jones Transportation Average moved back above its 200-day simple moving average at 9,655.
