My Chart Shows Why We Can’t Trust These Market Highs
August 09, 2016 at 05:00 AM EDT
Good news is good news again - for now. The Labor Department's announcement that July unemployment held steady at 4.9% while adding a better than expected 225,000 jobs was enough to snap the four-day pullback and get traders in the mood to buy. Those numbers don't necessarily reflect the street reality of the economy, but of course they were enough to get the S&P 500 to yet another new all-time high, even if the Nasdaq Composite, Dow Jones Industrials, and the Russell 2000 didn't quite make it. This is a near-term bullish development, especially when you consider that, before this recent upward trend, we've gone 14 months between all-time highs. But... when you see the chart I'm about to show you, you'll agree it's not quite time to pop the champagne corks... Tags: market correction To get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free . Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2016 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201. The post My Chart Shows Why We Can’t Trust These Market Highs appeared first on Money Morning - We Make Investing Profitable .