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In America:

Dow Industrials +1.46%
Dow Transports +2.39%
SP500 +1.91%
Russell 2000 +2.43%
Nasdaq100 +2.41%

Comment: A strong night on high volume. Breadth was a good with the R2K the strongest of the indices cited above. Volume on the Dow 30 tends to surge on the last day of the month. (But not as much as OpEx Day which occurs near the middle of the month.) I’ve circled the last day volume for the past four months – three out of four were volume surges. So Monday, last day of the month. could be very interesting with a high volume day probable.

NewHighs/NewLows 248/29 NH>NL. The ratio of NH/(NH+NL) is at 89.5%. In the Do Not Sell Zone. New Lows remain above 25 – that is still showing a little nervousness amongst investors.

Technical Comment on the Dow 30:

The Dow finished at 13075.66. Support/Resistance: 13058.2/13269.
Indicators:
MACD Histogram. Above zero. Positive.
MACD. Above zero. Positive.
RSI.9 is at 66.3. Positive. Into nervous territory.
Stochastic. 70.9. Positive.
CCI.14: +171.1. Overbought.

The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive.

The medium term trend is up. The short term trend is up.

The Dow 30 broke above the top of the gentle up trending channel. A test of that as support would be on the cards.

The Nasdaq100 had a very strong session and broke above gap resistance and above the long term down trend line from early April. Those are both positives. It is now at horizontal resistance (dotted red line) and still some distance from the top of the up trend channel. So it’s not as optimistic as the Dow 30. Which one is “right”? The Russell2000 might hold the key to that question. More on that in the Weekly Report out tomorrow.

Redbacka