NASDAQ Hits New High for the Year

Jul 16, 2009: 7:44 PM CST

I almost let this bit of news slip me by!  The NASDAQ Index crested above its June high today, creating a fresh new high for 2009.  As strength in the Technology Index can foreshadow strength in the broader market, this is definitely worth a second look.

Without going into too much detail, I mainly wanted to highlight the pop to new highs that took place today.

There was resistance about the 1,850 level but buyers seemed to have no trouble at this level… so far.

Volume is not running at a significantly high level (it’s actually beneath the 50-day average) so buyers would like to see higher volume to confirm the move better.

As long as we’re at new highs, whatever your bias is, buyers are in control.

Corey Rosenbloom, CMT
Afraid to Trade.com

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2 Comments

2 Responses to “NASDAQ Hits New High for the Year”

  1. pipercolt Says:

    and although everyones calling for a big selloff, lets put in context of Mr. Nison's theory that old resistance becomes new support.

  2. mani Says:

    Hi Corey,
    What is happening to your downward bias predictions.Should we wait.