Two major tops were made in February. One was NYSE 9455, 100% 2000/2002 and OEX (S&P 100)670, 61.8% 2000/2002. NYSE managed to sail past that level of resistance last week, closing at 9522.86, a new all time high. OEX closed the week at 665.35 and you can bet many trading firms are carefully monitoring this index. The broader S&P 500 cleared its 61.8% retrace (1253.30) in January of 2006, so the top 100 have some catching up to do.
Don't argue with price if we close above 670 on volume, or fail there once again.
Futures traders note NQ (NDX) 1845/1847 major point of resistance which could get hit this week.
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on Monday, April 16, 2007 at 4/16/2007 12:05:00 AM.
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