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The Wall Street Index is breaking above trend resistance drawn from the all-time high from 2015 and probability states that this break should take the index to the prior high of 18,365 and beyond fairly rapidly.
I have looked at the daily chart, but take the time-frame out to the weekly chart and it’s hard to be anything but bullish. Clearly, if you take the focus away from price action and the technical set-up towards more classic fundamental drivers, the US equity markets are expensive, with the Dow Jones index trading on a consensus price-to-earnings ratio of just shy of 17x and the S&P 500 closer to 18x. These are both historically elevated levels, but I am not sure market participants are too concerned, and CFD traders should be more focused on the underlying trend and aligning positioning to this.