Dow Hits Record 16,000

On Thursday, the Dow hit an all time high of 16,000. The general market ended a 3-day slide by rebounding with a solid uptrend day. The Nasdaq rose +47 points (+1.22%), the S&P 500 climbed +14 points (+0.81%), and the Dow closed up 109 points (+0.69%). All three indices recovered above their 10 SMAs.

The market may have been buoyed by the Senate Banking Committee's approval of Janet Yellen for confirmation as the next Fed Chairman. She is widely believed to be in favor of continued monetary easing. Jobless claims were slightly down, but producer prices declined 0.2% and Philadelphia Fed's Business Outlook dropped to 6.5 from 19.8 in October. 

In the big picture, the market has emerged from a weekly, 5 wave, ABCDE consolidation pattern than began in May. If so, it means further upside is likely. The weekly and daily 50 EMAs are both rising, so don't expect a long-term market reversal any time soon.