Dow Jones Industrials Print New All-Time High

The Dow Industrials printed another new all-time high at 15546.82 on 3/20/13, Fed day, no doubt in honor of the chief money printer in the land, the Fed and Chairman Bernanke. The Dow did not print a new closing high; the all-time closing high on 3/14/13 at 14539.29 remains in place.  So these two highs serve as resistance ceilings and are very critical price levels moving forward. The Nasdaq (tech) and RUT (small caps), which should be leading markets higher, actually finished down on the week.

The thicker blue lines indicate the importance of the 14515 and 14455 S/R for the new week ahead.  The brown box shows distribution taking place. After the big up day on 3/14/13 resulting in a new all-time closing high, note the strong selling the next day.  The Internet, newspapers and television pump the joyous optimism. Joe Bagholder becomes excited and takes Aunt Nellie's entire retirement fund and places it in the stock market on 3/15/13, of course, the nice fund manager says he has some shares to provide, reducing his position. The smart money distributes to the dumb money. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.