Professor Elam

Friday May 30 2014

The markets  are proving they do what they want to do regardless of the news. While Congress and the PResident are more unpopular than ever, the market is quite popular. The next few days will tell us if indeed the markets are going higher still.

Dow

Break out or Fake Out, the Dow has been consolidating this year and poked to a new high. Will the market move higher or succumb to the seasonal weakness of the summer by testing that 200 day MA again?

Russell 2000

This is the only index really to have broken down. Now what? IT really has nto broken yet, just consolidating. 

SOX Semiconductors

Semi conductors are literally at the heart of tech, and this market is

consolidating

making a double top

getting ready to break out

We will know soon.

NASD Summation Index

As always we return to the internal indicators. It looks like the internals have been correcting. If this continues to turn up, up, up the NASD will go. 

QQQ and Summation Index

 

Confirmation?

NYSE and Summation Index

I don't really see any big clues that the market was about to correct from January to february. Could that happen again, or is it equally likely the market goes higher?

Weekly NYSE

Observations

This has been an incredibly strong bull market

It is 2250 points above its 200 week MA.  That is 26% above the 200 week MA. 

It would take a tremendous change to derail this upward momentum.