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Dow Breaks Higher on Monday

Monday it was the turn of the Dow Jones Industrial Average (NYSEARCA:DIA) to break higher, joining the S&P(NYSEARCA:SPY). Despite this, the index is still underperforming against the Nasdaq 100.

 

By Dr. Declan Fallon


Semiconductors did enjoy another big step higher, which will help Tech indices. The index is well above support and the relative relationship against the Nasdaq 100 even managed new highs.

Breadth metrics also saw improvement as Nasdaq (NYSEARCA:QQQ)Bullish Percents cleared resistance

This should help the Nasdaq as it gapped higher but was unable to add to the gain.

For tomorrow, look for further consolidation of the breakouts. With the Nasdaq joining Large and Small Caps on breakouts there was nothing to stop a significant rally from emerging here.

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