Market Analysis (10 March’21)

The Dow Jones Industrial Average rose to a fresh record Wednesday after inflation data showed a muted increase in consumer prices for February and a Treasury auction went off without any surprises.

TREND ANALYSIS

After today’s price action, all four indices are in an UPTREND on their daily timeframes. Additionally, S&P500, Russell and Dow Jones are also in an UPTREND on the weekly and monthly timeframes.

S&P500: Monthly, Weekly and Daily Heikin Ashi charts

Nasdaq: Monthly, Weekly and Daily Heikin Ashi charts

Russell: Monthly, Weekly and Daily Heikin Ashi charts

Dow Jones: Monthly, Weekly and Daily Heikin Ashi charts

FUTURES PRICE LEVELS

Dow Jones

The Dow Jones index rose to a fresh record Wednesday after inflation data showed a muted increase in consumer prices for February and a Treasury auction went off without any surprises.

YM, 1h

S&P500

The S&P500 recaptured the 3900 level today. As long as the index can stay above this level during the next several sessions, the odds will favor higher prices. Ultimately, the bull case will be in play if ES / SPX can break out above the 3930 resistance.

ES, 1h

Nasdaq

The Nasdaq index got rejected today at the 13000 level. For the index to continue moving higher, it absolutely needs to reclaim this level.

NQ, 1h

New All Time Highs For S&P500?

While the S&P500 is currently trading 60 points below its prior peak, its Advance-Decline Line (ADLINESPX) reached a new all time high today. This is usually a good sign suggesting that the underlying index should also reach its own new all time highs soon.

ADLINESPX, daily

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