Stock market is riding momentum
The S&P 500 index SPX, -0.18% (SPX) has made new all-time closing highs on July 1, 2 and 3. Other indexes are following — most notably the Dow Jones Industrial Average DJIA, -0.16% and the Nasdaq Composite COMP, -0.10% QQQ, -0.20%
There is support on the SPX chart at the old highs (2940-2950) and below that, where there was more work done, at 2890-2910. If that latter area were violated, it would be bearish. But that doesn’t seem likely soon given the momentum this market has right now.