A couple of notes from my review of the charts from today’s trading activity.
- The Dow Jones Transportation Average hit a new yearly closing high today. It looks like it has completed a “cup pattern” with a measured move to 5,969,15 on a closing basis.
- The S&P Chemicals Index ‘CEX’ hit a new yearly closing high today. It also looks to have completed a “cup pattern” with a measured move to 364.16 on a closing basis.
The market obviously looks to be moving higher, however it should be noted that trading volume continues to be light. As a result I am remaining skeptical until I see how the market behaves following the release of jobs data Thursday and Friday of this week.
Oil closed at $96.65 per barrel, and Gold closed at $1,529.20 per ounce.