Courtesy of John Nyaradi.
The Dow Jones Industrial Average and other major U.S. indexes defy gravity and set more records.
Charles Dow
The Dow Jones Industrial Average (NYSEARCA:DIA) gained 0.3% on Friday to set a new record and post a weekly advance of 3%.
The SP500 (NYSEARCA:SPY) closed at a new high of 1818 for a gain of 2.4% on the week. The Nasdaq Composite (NYSEARCA:QQQ) set a comparable gain of 2.6% for the week.
After spending two weeks worrying about the Federal Reserve and its tapering plans, markets shrugged off those concerns last week and seemingly began their traditional Christmas and early New Year rally.
On My Stock Market Radar
In the chart of the Dow Jones Average (NYSEARCA:DIA) below, we can see how the index has broken all resistance as it pushed to new highs last week.
Momentum and trend are both up while relative strength nears overbought levels. The index tested and successfully held its 50 day moving average earlier in December and now the 50 and 200 day averages are both in up trends.
chart courtesy of StockCharts.com
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