The S&P 500 did not miss a chance to move up last week: five positive trading days and a weekly gain of 0.9%. The new phenomenon that I have been talking about in recent weeks is gaining momentum: the public, which has just recently begun to join in, buys, and Wall Street is moving to new records highs, ignoring economic factors that would normally cause declines, such as: significant slowdown in earnings reports, Apple shares decline, slow down in Chine, White House dramas, hurricanes and North Korea. The Nasdaq finished at an all-time high 62 times this year, a rate similar to 1999, the strongest record of the market ever, and the market has not pulled back in 3% for more than a year. Is this a bad sign? On the contrary. The momentum of the market is strong and those who do not join now miss the party. Let’s take a technical view of the market.
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