The Dow Jones Industrial Average, the S & P 500, the Nasdaq Composite, the Dow Jones Industrial Average and the Russell 2000 Index hit new all-time highs on January 16 at 26,086.12, 2807.54, 7,330.33, 11,423.92 and 1,604.02 respectively.
The Nikkei 225 index hit a new high of 23,962.07 on January 16. Breaking the 50% long-term Fibonacci retracement of 22,967 in the new year is now the key chart support. This pullback is from the December 1989 peak of 38957 points to the October 2008 low of 6994.90 points.
The Shanghai Composite Index is still bearish, down 33.6% from 5,178.19, the high of June 12, 2015, and 43.9% lower than its record high of 6,124 points in October 2007.
On January 16, the Nifty 50 set an all-time high of 10,762.35, but so far, all the other major indices in the world have underperformed.
German DAX hit a new all-time high of 13,525.56 points on November 7, significantly behind the long-term.
The weekly chart shows the horizontal line, representing the level of value, pivot or risk level.
The Dow Jones Industrial Average has a positive moving average but a positive overbought weekly chart with its 24-month correction of more than five weeks. Last week’s 12x3x3 weekly soft index closed at 95.94, with the parabolic bubble expanding further up above the 90.00 threshold.
My half-year value level is 23,018, with quarterly, annual and monthly 24,251,24,666 and 24,769 respectively and a weekly risk level of 26,121.
The P 500 has a moving average of 2,703.90 with a positive, but overbought weekly chart with an average correction of more than five weeks. The 12x3x3 weekly slow stochastics closed at 94.02 last week, further hitting the 90.00 threshold as the parabolic bubble dipped.
The S & P 500 is still subject to a semi-annual, quarterly, monthly and annual impact of 2,648.4, 2,671.3, 2697.3 and 2,769.1 respectively, with a weekly risk level of 2,800.1, which was tested at its highest today.