Double tops are considered formidable formations because it is where a security
was stopped twice while being unable to breach the resistance level to the
upside.
When a third attempt is made, pay attention to it because an important breakthrough
or failure is at hand.
And so it is with the NYA Index now.
Yesterday, it closed at 11054.40 and the current bias favors moving above
the 11068.5 resistance level and then the grand double top resistance of 11108.39
has to be resolved. Bottom line: Keep a careful eye on the NYA Index now.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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