Summary:

• US500 on track for highest ever weekly close
• Fourth consecutive week of higher highs and higher lows
• US30 and US100 also both set for record closes

It’s been another good week for US stock bulls, with the US500 rallying and currently on course for its highest ever weekly close. The benchmark was began the week strongly but a fairly sizable sell-off on Thursday has erased the gains seen at the start of the week. Today has seen these declines recouped and the market is currently not far from its all-time high of 2673 which was set just before the Fed meeting. 

 The US500 is closing in on its all-time high of 2673 that was set just this Wednesday. Source: xStation

A weekly chart of the market also makes for pleasing viewing from a bull’s perspective. This shows clearly the incredible run that has been seen in the US500 this year with very little by the way of a pullback occurring.   

 The market has been in a strong and steady uptrend throughout the year. Source: xStation

Recent weeks has seen some divergence between the US30 and the US100 with the former marching on higher but the latter struggling to make gains. The US100 in fact closed lower for both of the last two weeks but this week it’s been a more positive flow with price breaking higher and up into uncharted territory once more.  

 The US100 had been consolidating in the past 2 weeks but this week it has joined in the move higher. Source: xStation