While not all of the indices got there on an intraday basis last week, the S&P 500, Nasdaq, Dow Jones Industrial Average, and Russell 2000 all closed at new all-time highs last Friday for the first time this year. These days, it’s getting to the point where everything is hitting new highs.
It’s not just the major US averages hitting new highs either. While still off its all-time highs, in dollar terms, the MSCI Emerging Market index also hit a new 52-week high in last Friday’s trading.
OK, not everything hit new highs last week. Digging down a little deeper, the Dow Jones Transports have been stymied at resistance at around the 9,500 level twice now in the last two months.
If you’re a bull, you have to love the way the market is trading, but enjoy it while it lasts. Nothing lasts forever. Just as the chart below from eight years ago eventually reversed itself, this too will eventually go the other way. Stay on your toes.