Chart Of The Day – The Next Resistance Zone
Now that the S&P has broken out to new highs with follow through, the next resistance that should trigger a breather will come when the Nasdaq test the all-time highs at 5231, or the 2000 high at 5132.
(Click on image to enlarge)
Disclosure: None.
Thanks for the chart. The market is on a short term rally. Then I think it will slide back into the trading range again when people figure out that the next worry is the gradual rise in commodities pricing which is good in the fact it causes inflation (the central banks say they love it but shouldn't want it). Given the fact corporate profits have been falling and #oil hasn't yet joined the price rise rally, the next phase of a downturn may be in order. After commodities finish falling then consumer goods are hit and eventually the service sector falls. Then the bubble bursts in asset prices.
My suggestion, buy commodity focused stocks.