Today I present the monthly charts for the US capital markets to show how Federal Reserve policy began speculation in gold and crude oil and US stocks, while yields began a longer term trend higher. We have the first step towards a Dow Theory Buy Signal, but fundamentally stocks are trading under a ValuEngine Valuation Watch.
Tracking Dow Theory - The Dow Transports ended March with a daily close above its February 17th closing high at 5298.10. This is just a fractionally higher close at 5299.89, so the Dow Industrial Average needs to follow with a close above its February 18th closing high at 12,391.25 today to confirm a Dow Theory Buy Signal. The other major averages that remain below their February highs are; S&P 500 by 1.4%, NASDAQ by 2.1%, NASDAQ 100 by 2.7% and the SOX by 7.8%. The Russell 2000 is 0.7% above its February high.
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