Despite the bears, the US share market continues to press against new highs. The Cash S&P 5oo closed at 212990 after reaching 213171 intraday. The record high remains the week of May 18, 2015, when it reached 213472 closing at 212606. The highest weekly closing was the week of July 13, 2015, at 212664. Therefore, we have not made a new intraday high, but this was the highest weekly closing.
The Dow closed at 1814674 on Friday, which was neither a new high weekly closing nor a new intraday high. The highest weekly closing was the week of May 11, 2015, when the Dow closed at 1827256.
It appears we should see a turning point this week with high volatility returning the week of the 18th. We will explain more on the private blog tomorrow. So far, this has been following our capital flow models very nicely.