To The Moon

$DJIA(.DJI)$ hits record high on Monday,

Since returning from holidays it has been a straight forward series of gains for markets. Monday's action had suggested a potential breakout, but it got pegged back by the close with the Dow finishing on an inverse hammer at resistance.

Some Dow components hit new highs, for example: $Coca-Cola(KO)$, $UnitedHealth(UNH)$, $Wal-Mart(WMT)$, $JPMorgan Chase(JPM)$, and some stocks like $American Express(AXP)$ , $Procter & Gamble(PG)$ , $Goldman Sachs(GS)$ $Travelers(TRV)$ and $Amgen(AMGN)$ are close to hit new highs.

The top 10 Dow stocks by market value rose and fell:

Does $DJIA(.DJI)$ signaling a bearish September?

I expect a decline, but the technical picture is bullish and doesn't really show a strong bearish divergence to suggest a reversal is imminent; a break below today's low would suggest a double top and further declines.

The $iShares Russell 2000 ETF(IWM)$ is looking more uncertain. Today, it finished with a bearish 'black' candlestick below resistance. Such candles often lead to losses. On the technical front, the MACD histogram is offering a possible bearish divergence with stochastics having crossed the bullish mid-line.

The $S&P 500(.SPX)$ is knocking around just below breakout resistance. Unlike the Russell 2000, recent volume has been tepid, but with prices holding gains without the price extension seen in the Russell 2000, suggests the index could hang on.

If the $DJIA(.DJI)$ is able to hold its breakout, then the $S&P 500(.SPX)$ could offer itself as the "value" play.