NEW YORK ( TheStreet) - Let's straighten out financial TV about hyping Friday's closes for the Dow industrials and S&P 500 as new all-time highs. These indices did not end the week at new all-time highs! Three of the five major averages remain below their May 20/May 22 all-time highs at 15,542.40 Dow industrials, 1687.18 S&P 500 and 6568.41 Dow transports.I am not saying that new all-time highs are out of the question.I have been saying that if you cannot confirm cycle highs, then new highs are likely. To confirm market highs, all five major averages need to have negative weekly chart profiles, and that has not happened. Weekly momentum (12x3x3 weekly slow stochastic) readings are now rising again with weekly closes well above the five-week modified moving averages at 15,101 Dow industrials, 1630.2 S&P 500, 3451 Nasdaq, 6290 Dow transports and 990.29 Russell 2000.
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