Strange Occurrence: All Four US Equity Indexes at Round Number Resistance
In one of those strange occurrences that feels like you’re in the Twilight Zone, all four major US Equity Indexes are bumping into “Round Number” levels all at the same time.
So, it pays to take a quick look at all four indexes as they challenge these overhead levels – for better or worse!
First, let’s start with the Dow at 11,000:
Then, the NASDAQ at 2,500:
On to the S&P 500 at 1,200:
Finally the Russell at 700:
Let’s recap:
Dow 11,000
NASDAQ 2,500
S&P 500 at 1,200
Russell 2000 at 700
It may be just random numbers, but it’s at least interesting from the standpoint of the trader and investor.
As a quick note, all indexes are showing negative volume and momentum (3/10 Oscillator along with other oscillators) divergences but that has yet to stop the ever-charging bulls/buyers.
All indexes are overextended and are within neat rising parallel trendlines or channels (best seen on lower timeframes).
All indexes are simultaneously challenging ‘psychological’ round number resistance numbers – which may just be more of a fun observation rather than anything serious.
We should take these little bits of market humor in stride.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
at this point, as my homie @thebhbgroup says, its all fiat money liquidity driven. everyone's been eying these round numbers…lets run some stops and bring in some IRA money? then lets see what happens!
at this point, as my homie @thebhbgroup says, its all fiat money liquidity driven. everyone's been eying these round numbers…lets run some stops and bring in some IRA money? then lets see what happens!