NASDAQ and S&P trading at new record highs
The NASDAQ index is now up 101.77 points or 0.89% at 11567.63. That is a new all-time record high. The S&P index is also up. It trades at 3455.93. That is up 12.43 points or 0.36%.
Looking at the hourly chart of the NASDAQ index, it is testing a topside trend line at 11567. The high price did extend to 11571.47 above that level but has rotated back below. Getting and staying above that trend line would be more positive technically.
The record to keep on being broken. Meanwhile the Dow was having trouble once again.
It is down -42 points or -0.15% at 28206. Salesforce which will enter the Dow at the end of the month is unfortunately not helping as it will be part of the Dow until the end of the month. It’s shares are up 26.4%. Salesforce will be entering the Dow along with Amgen (up 0.23%) and Honeywell (up 0.43%). Meanwhile Raytheon technologies (-1.21%). Pfizer (-1.22%) and Exxon (-1.29%) will exit the Dow. Needless to say investors and money managers are buying up those shares of the new additions and selling the shares of those that are exiting. That is also skewing the Dow to the downside.
The poor Dow gets no respect. It remains lower on the year.