- The Nasdaq Composite and the S&P post their third consecutive record close.
- Tech and mining-related equities came under pressure on Trump’s comments, dollar’s recovery.
The US three major indexes closed the day barely up, trimming early gains, but not before reaching fresh highs. The Dow Jones Industrial Average settled at 26,064.02, up 14 points, touching an intraday high of 26,150, a new high since last February. The Nasdaq Composite posted a third consecutive record close after adding 12 points, closing at 8,030.04. The S&P closed the day up 0.03% at 2,897.52, also a record high. The tech sector lost ground following comments from US President Trump, who accused Google of suppressing positive news about his presidency in their search algorithms. Commodity-linked currency also suffered, as base metals plunged on a bout of dollar’s demand.
The Dow’s daily chart shows that it extended its advance up to an intraday high of 26,150 before retreating, stalling short of February’s high of 26,305, the next psychological threshold for the index. In the same chart, the index stands well above bullish moving averages, and with the 100 DMA aiming to surpass the 200 DMA, as technical indicators lost upward strength now flat at their daily highs, far from indicating a possible downward correction ahead. In the shorter term, and according to the 4 hours chart, the positive tone is also present as the Dow stands well above a bullish 20 SMA, while technical indicators barely retreated from extreme overbought levels, to lose downward momentum well above their midlines.
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