Nasdaq New Highs/Lows Indicator Near Inflection Point::
Published July 18th, 2007 in Technical Analysis Tags: 52 week highs, 52 week lows 3 Responses to “Nasdaq New Highs/Lows Indicator Near Inflection Point”
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A big test coming up for the S&P (first chart below), which is once again nearing its two-year resistance line at about 1278-1283. The index has been repelled at that line for the last seven weeks; will this time be different? To the downside, 1268, 1260 and 1246-1250 are support. The Nasdaq (second chart) faces resistance at 2278, and support is 2255 and 2240. The Dow (third chart) has been repelled by 10,920-11,000 since November; another big level the bulls must surmount. Support is 10,800-10,820 and 10,684-10,720. Long bonds (fourth chart) are at three-month lows; a plus for the bulls there.
FX Path::
On GBP/USD, this may well occur near long-term uptrend support as outlined on the chart. - James. James Chen is the Chief Technical Analyst at FX Solutions,
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