Triple Testing Day

By: Marty Chenard | Tue, Jul 10, 2007
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Today's headline: Testing, Testing, Testing ... 3 Indexes at a stress level?

There are 3 important testing levels, all occurring today, in the market on the S&P 500, the DOW, and our Institutional Index. Each chart is below showing their respective resistance levels being tested.

Chart 1: The S&P 500

The S&P's intra-day chart is below and shows how it has been in a descending channel since the beginning of June. You can clearly see on the chart, that the S&P will be testing the resistance of its upper channel as the day opens.

Chart 2: The Dow Jones Industrials.

This 10 minute chart of the DOW shows its movement during the past 8 days. Note how the tops are weakening (red lines on the price chart) and how the DOW closed below a minor support yesterday. It should test the second support line this morning, and if it breaks through that, it will test the bottom support level.

Chart 3: Our Institutional Index of "core holdings"

This chart also shows how our Institutional Index has been in a trading range and is about to test its upper resistance line which will decide which direction it will go in after the test.

That gives us 3 indexes that need to be watched today because they are at important resistance testing points.

 


 

Marty Chenard

Author: Marty Chenard

Marty Chenard
StockTiming.com
Asheville, NC 28805
Tel: 828-296-1200

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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