The title for today’s note is not a reference to a certain one-hit wonder “glam band” but rather to a concept that we are all well served in remembering from time to time. The concept is Keep It Simple, Stupid. The S&P 500 and the NASDAQ 100 logged weekly all-time closing highs.
At all times, we are trying to determine the trend in the market, the health of the trend, and whether the trend is confirmed by intermarket themes. Today, we will look at the simplest of these concepts… the trend. Spoiler alert: It’s bullish.
S&P 500
Starting, as we always do, with the S&P 500, we can see the weekly all-time high last week. At all-time highs, the index is, by definition, above the 60-week moving average. That average continues to steadily rise.
Source: Optuma
NASDAQ 100
Turning now to the market that draws a lot of attention because it houses many of the large growth stocks—the NASDAQ 100. Here too, we see new weekly all-time closing highs. Here too, we see those highs playing out above a steadily rising 60-week moving average.
Source: Optuma
STOXX Europe 600
Even Europe is trading at new all-time highs. Let that sink in. It is not often that we have a chance to celebrate strong bullish trends across the pond, but here we are. After nine months of consolidation, the STOXX 600 has exploded higher, trading above a 60-week moving average that is also rising.
Source: Optuma
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