We haven't had one of these in a while...

Technical Analysis

Author: Greg Michalowski | nasdaq

Last one was on January 26th

Today we have a chance to close at a record high in one of the major stock indices. 

It was back on January 26th, the Nasdaq closed at a record high at 7505.77. That high was also the high for the day and the all-time high for the index as well. 

The next day, the close was at 7466 and 10 days from the high, the low was reached at 6874. That represented a decline of 631 points or an 8.45% decline. The end of year close was 6903. So that index went in the red for the year too.

The current price is trading at 7535.61. We are above that record high at 7505.77. As of now, we can write once again "A record close".

There is a few more hours to go, but it is looking good for that record close. 

For the other indices, the records are still a bit aways. 

The S&P index peaked at 2872.87 also on January 26th and it fell to a low of 2532 (right by the 200 day MA). That was a decline of 11.86%.

Today, the price is back above the 50 day MA at 2741.84 and trades at 2780, up 41 points.  Nevertheless, it is still 92 points from the record close level (or 3.2% more to go).

The Dow high close was at 26616.71. The current price is at 25260.  The price is still 5% from the all time high.  The fall from the high to the low at 23360 represented a decline of 12.2%.   
The 50 day MA for the Dow is at 25294.74. The high today reached 25300.  We are currently just below the 50 day MA at 25260. 
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