Stock Buying Mania Continues – 03/07/24.

Short-term bullish signals imply U.S. stocks could continue to rise.

The daily S&P 500 (SPX) chart courtesy of BigCharts.com updates the action.

Today  the SPX went above its 03/04/24 high.  This move changes the Elliott wave count showing five waves up from 0/27/23 to 03/04/24.   There are now several alternate wave counts, further price action is needed before a prime count can be determined.

The SPX still has not reached the rising trendline from late December 2023, this is short-term bullish.

The very effective BigCharts.com – Slow Stochastic lines are intersecting.  A crossover is short-term bullish.

Today the Nasdaq Composite also made a new – all-time high.  Two of the three main U.S. stock indices at new highs is short-term bullish.

Long -term sentiment and moment  indicators suggest the U.S stock market could be making a major top.   The next blog will update  U.S. stock market momentum indicators