Chart of the Week: NYSE Making New Highs

Thursday, September 08, 2005 | 03:12 PM

The DOW and NASDAQ continue to make higher lows and the NASDAQ recently held critical support recently and bounced. Couple these near term positive factors with the NYSE Composite Index making new highs and it is very hard to call for any severe corrections. So we still remain oscillating back and forth from a midpoint line within a trading range.


NYSE Making New Highs
click for larger chart

Nyse_new_highs

Source: Redwood-Technimentals

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Kevin Lane notes that “It is hard to envision a harsh sell-off while the NYSE Composite Index is making new highs. All this recent activity suggests to us that we may be able to challenge the upper end of the range again.”

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Thursday, September 08, 2005 | 03:12 PM | Permalink | Comments (1) | TrackBack (0)
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Comments

if you go back 5 years, we are still lower than we were then:
http://finance.yahoo.com/q/bc?s=%5EDJI&t=5y&l=on&z=m&q=l&c=

so how can we be at a new high?

Posted by: dude | Sep 9, 2005 6:37:40 PM

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