Dow Transportation Index includes railroads, airlines, trucking, marine transportation, delivery … [+]
getty
The Dow Jones Transportation Average (.DJT) continues to set new all-time intraday highs. The latest high is 15,923.06 set on Friday, May 7. The Dow Jones Industrial Average (.DJI) spiked higher setting a new all-time intraday high of 34,811.39 also set on May 7. The S&P 500 (.SPX) also set its all-time intraday high of 4,238.04 on May 7.
The Nasdaq Composite (.IXIC) set its all-time intraday high of 14,211.57 on April 29. The index held its 50-day simple moving average on May 6 at 13,516.95. The Russell 2000 Index (.RUT) remains the laggard after trading as high as 2,360.17 on March 15. The small-cap index is now above its 50-day simple moving average at 2,248.89.
Comparing the market patterns since the year 2000 remains in play. I discussed this in the article Investors, There Has Been A Market Pattern Since The Year 2000.
The Dow Jones Transportation Average has been the last to peak in each of the three bull markets since the year 2000. Industrials and transports set new highs together on Friday, May 7.
The Dow Jones Industrial Average (34,777) has a positive but extremely overbought weekly chart. The average is above its five-week modified moving average at 33,336. Its 12-week slow stochastic reading is 94.67, which puts the average into an inflating parabolic bubble formation. The Dow 30 is above its annual, semiannual and quarterly pivots at 33,425, 32,645 and 30,546, respectively.
The S&P 500 (4,232.60) has a positive but extremely overbought weekly chart. The average is above its five-week modified moving average at 4,098.33. Its 12-week slow stochastic reading is 95.58, which puts the average into an inflating parabolic bubble formation. The S&P 500 is above its annual, semiannual and quarterly pivots at 3,932.35, 3,784.99 and 3,809.82, respectively.
The Nasdaq Composite (13,537.44) has a positive but overbought weekly chart. The index is above its five-week modified moving average at 13,710.04. Its 12-week slow stochastic reading is rising at 80.21, moving just above the overbought reading of 80.00. The Nasdaq is above its annual, semiannual and quarterly pivots at 12,000.71, 12,395.45 and 13,001.03, respectively.
The Dow Jones Transportation Average (15,943) has a positive but extremely overbought weekly chart. The average is above its five-week modified moving average at 14,885.12. Its 12-week slow stochastic reading is 97.00, which puts the average into an inflating parabolic bubble formation. I do not remember the last time this reading was above 97.00, which it will likely be this week. The Dow transports is above its annual, semiannual and quarterly pivots at 14,424.55, 12,120.82 and 12,176.78.
Weekly Chart For Dow Transports
Refinitiv
The Russell 2000 Index (2,271.62) will have a positive weekly chart if the index is above its five-week modified moving average at 2,251.99 this week. Its 12-week slow stochastic reading is flat at 68.22 but will be rising on the positive open on May 10. The small-cap index is above its annual, semiannual and quarterly pivots at 2,120.34, 1,880.34 and 1,855.03, respectively.
