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SPY, DIA And QQQ Continue To Chop At The Highs

Published 12/30/2014, 07:08 AM
Updated 07/09/2023, 06:31 AM

After rallying aggressively off its lows the market seem to have taken a pause as they have neared or broken to new highs. Over the last few days the market has slowly crept along resistance levels near last months highs. The SPDR S&P 500 (ARCA:SPY) have gone above these levels but not significantly and SPDR DJ Industrial Average (ARCA:DIA) or the DOW has actually dipped slightly after making a new high. While the Q’s have not made new highs with this market. This nothing to be alarmed about as this is a potential pause before a move higher but support levels need to be watched now if the market is not making new highs.

SPY

QQQ

QQQ

Additionally we still have not seen the internals firm up and join on the rally. Both TICK, NYMO and NYSI are not supporting these new highs.

NYAD

Because of this price action and the action of our indicator we have moved from a BUY to a NEUTRAL on the market.

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