NEW YORK ( TheStreet) -- In May the major equity averages appeared to have peaked in the May 20/May 22 time frame. The problem then was that all five of the major equity averages were not in sync to confirm those highs. My conclusion was if you can't confirm the highs then new highs will follow.Today we are in a similar situation with the Nasdaq setting new multi-year highs, while the other four remain shy of their August highs; 15,658.43 for the Dow Industrial Average set on Aug. 2, 1709.67 for the S&P 500 set on Aug. 2, 6686.86 Dow transportation average set on Aug. 1, and 1063.52 Russell 2000 set on Aug. 5.
Nasdaq Leads the Five Major Averages
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