Despite overbought conditions and some sell signals, the bulls have been undeterred and have now taken the Standard & Poors 500 index to new all-time highs at today’s close.
The Dow and S&P 100 /zigman2/quotes/210600159/delayed OEX -0.12% also made new all-time highs. Even QQQ (which is the NASDAQ 100 = /zigman2/quotes/210598364/realtime NDX +0.56% is at new relative highs. Only the broader-based small cap indices, such as the Russell 2000 /zigman2/quotes/210598147/delayed RUT -0.42% are lagging behind.
Now that the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.21% has made new highs, the bulls are probably going to try to press the point. A quick move to 1790 or so would not be surprising. There is support in the entire 1,750 -1,770 area, where SPX “worked” for the past couple of weeks. Below that, there is strong support at 1,730.