Can S&P 500 go to new all time high this week?

In the last 6 days of trading, indices have cut through fed driven negativity and have moved UP 4 of last 6 sessions, a decisive move against overwhelming odds.

As of Friday close, here is the snapshot of all major indices :

-S&P 500 from all time high only 35.64 points or 1.68%

-Dow from all time high 478.15 points or 2.62%

-Nasdaq from all time high 297.85 points or 5.70%

-Russell from all time high 145.56 points or 11.24%

As you can see from the above statistics for new all time highs, it may take a shortened week to make it in S&P 500 & Dow, Nasdaq could do it also in coming week.

Russell is far far away may take 5 to 6 weeks.

This has been a very tough market and is reflected in YTD picture for most indices, it has been struggle for a long time.

Those practising patience and conviction have managed to stay with the market are doing reasonably well, some are actually doing better than market.

Once we hit new all time high, more money will be allocated to equities.

I expect most sector to participate in this rally from banks oil, gold, tech, biotech.

Look @ your allocation and IF you are underweight, it is time to increase exposure based on your comfort level.

Good luck with your own interpretation of this TAPE.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed