Will Stock Market Bulls Keep Charging Higher?

The Dow reaches another high, for a third ‘Dow’ in a row

The Dow Jones Industrial Average has reached another all time high, for the third ‘Dow’ in a row.  Today’s magic number for the Dow was 14,329 with a .23% increase, likely spurred by good unemployment claims data released today.  The SPDR S&P 500 ETF (NYSEARCA:SPY) rose .18%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) added .26%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) added .48%.

So, the question still remains: will the bulls keep on charging past today’s third ‘Dow’ in a row or are we looking at a serious correction in the near future?  By a daily technical standpoint, the bulls might still have some steam, as the daily MACD is at a very high 21.211, despite the fact that the Index’ RSI has reached nearly overbought levels of 68.95.

From a fundamental perspective, I would suggest that the continued easing by our beloved Chairman and positive economic indicators have been a great help (albeit Congressional bickering), but until the S&P 500 performs the same way in terms of new records, Wall Street Sector Selector still remains in Yellow Flag Mode…