DJIA closed at a new all-time high once again today.
But, before we go celebrating a great deal, DJIA (NYSEARCA:DIA)closed a mere 3.15 points above its previous all-time high close on June 19. In percentage terms it works out to a meager 0.015% gain in just over three weeks. S&P 500(NYSEARCA:SPY), NASDAQ(NYSEARCA:QQQ), Russell 1000 and Russell 2000 (NYSEARCA:IWM)did not participate in the new all-time high party today. If they did, or do soon, this would be encouraging.
Based upon July’s recent 21-year performance chart, there are potentially six more trading days for the other major indices to catch up to DJIA. However, the typical mid-July rally has begun a few days earlier than usual, there may only be until the end of this week for the major indices to confirm a possible DJIA break out. NASDAQ’s midyear rally comes to an end on the ninth trading day which is July 14 so tech could fizzle soon thereafter.