Are All-Time Stock Market Highs Ahead?

ETFs and stocks put in a good week and look ahead to all time highs, earnings reports and Congressional action on the deficit.

For the week, ETFs and stocks put in a mostly positive performance as the Nasdaq Composite (NYSEARCA:QQQ) gained 0.3%, the S&P 500 (NYSEARCA:SPY) gained 1% and the Dow Jones Industrial Average (NYSEARCA:DIA) gained 1.2%.

Significant stocks in the technology sector (NYSEARCA:QQQ) include Apple (NASDAQ:AAPL) which gained 0.53% on Friday and remains in a significant downtrend and Google (NASDAQ:GOOG) which declined 0.96% on Friday and is set to report earnings this week.

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General Electric (NYSE:GE) jumped 3.47% on Friday on good earnings results and Goldman Sachs (NYSE:GS) helped push the financial sector (NYSEARCA:XLF) higher with a gain of 2.44% in the company stock.

On My Wall Street Radar

In the chart above of the S&P 500 (NYSEARCA:SPY) we can see how the RSI for this index and its ETF is currently nearing overbought levels, indicating the possibility of a short term correction, however, all of the other major indicators have turned bullish.  The S&P 500 (NYSEARCA:SPY) broke major resistance at 1470 which now becomes major support and the next major resistance level is the 1550-1570 zone and the all time nominal highs…