The S&P500 and Nasdaq topped their record closes once again on Monday, bolstered by technology stocks, as last week's dovish comments from the Federal Reserve on tapering its monetary stimulus refocused investors' minds on economic growth.
It was the fourth record closing high in five sessions for the S&P, and the fifth in six sessions for the Nasdaq, runs only interrupted by jitters ahead of Fed Chair Jerome Powell's Jackson Hole speech.
Ultimately, these worries were unfounded as Powell said on Friday the central bank would continue to be cautious in its approach to tapering its massive pandemic-era stimulus, while reaffirming a steady economic recovery.
The NASDAQ market is bullish with the steady strong push into new highs keeping trade positioned for rallies. The weekly chart implies pressing bull moves to new figures. Any corrective dips as the Market went through the overbought area should only last 1-2 days to maintain the momentum of the drive and suspect support around last week’s 15265 congestion. A close under 15173 is needed to alert for a short term top.