Update on: The Old Double Top is being tested now ...
Today, we will look at the NYA Index because of its importance to Institutional
Investors.
When you look at today's chart (below), you can see that an important triple
top test is going on.
Note the support and resistance lines that show a symmetrical triangle formation.
And then note how the NYA Index broke above it with a one day close above the
11108.39 resistance line. It has since pulled back on the short term.
What you should look for now: Look for the NYA Index to hold the upper
triangle's support line now on any further pullback action.
If the NYA Index can survive that test and rise back above the 11108.39 resistance,
then we should see more up action in the coming days. For now, this is a
testing area where something more important will be decided.
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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