The Dow Jones Industrial Average (INDU) , the S&P 500
The technical concept of focusing on closing highs goes back to the times when prices were not available on computer screens. I have been using the graphs shown in my stories since 1984 when I began to test-drive the Athena graphics being developed by a firm called Market Vision. Now I use the current version of these graphs on my PC and laptop downloaded from the MetaStock cloud on its Xenith platform.
Since price bars include "Open, High, Low and Last" prices, the importance of closing highs has diminished. Why headline closing highs when you actually have all-time intraday highs? Technicians use intraday highs and lows when drawing trend lines and in calculating momentum readings.
Strong technical momentum shown on weekly charts paced the Dow 30, the S&P 500 and the Nasdaq Composite to all-time intraday highs this week. The Nasdaq on Tuesday the other two on Thursday.
New 2016 intraday highs were also set this week on the Russell 2000, India's Nifty 50 and the German DAX.
The laggard continues to be the Dow Transports, which remains stuck in correction territory.
In Japan, the Nikkei 225 ended the week just above the bear market threshold, but it is still below its 38.2% Fibonacci Retracement of the downside slide from June 24, 2015.
In China, the Shanghai Composite remains deep on bear market territory versus its June 12, 2015 high.
Here's this week's scorecard for the nine major global equity averages.
Here's the weekly chart for Japan's Nikkei 225.
Courtesy of MetaStock Xenith
The weekly chart for Japan's Nikkei 225 remains positive with the index above its key weekly moving average of 16,357.20 and above its 200-week simple moving average of 15,791.98. The weekly momentum reading ended the week at 59.40 up from 53.14 on Aug. 5.
Here's the weekly chart for China's Shanghai Composite.
Courtesy of MetaStock Xenith
The weekly chart for the Shanghai Composite remains positive with the index is above its key weekly moving average of 2,982.83 and above its 200-week simple moving average of 2,705.33. The weekly momentum reading ended the week at 72.23 up from 69.94 on Aug. 5.
Here's the weekly chart for India's Nifty 50.
Courtesy of MetaStock Xenith
The weekly chart remains positive but overbought with the average above its key weekly moving average of 8,450.75 and above its 200-week simple moving average of 7,225.32. The weekly momentum reading ended the week at 93.06 up from 92.41 on Aug. 5, moving further above the overbought threshold of 80.00.
