Chart of the Week: NYSE Making New Highs

The DOW and NASDAQ continue to make higher lows and the
NASDAQ recently held critical support recently and bounced. Couple these near
term positive factors with the NYSE Composite Index making new highs and it is
very hard to call for any severe corrections. So we still remain oscillating
back and forth from a midpoint line within a trading range.

NYSE Making New Highs
click for larger chart

Nyse_new_highs

Source: Redwood-Technimentals

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Kevin Lane notes that “It is hard to envision a harsh
sell-off while the NYSE Composite Index is making new highs. All this recent
activity suggests to us that we may be able to challenge the upper end of the
range again.”

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Quote of the Day:

"It is curious that physical courage
should be so common in the world and moral courage so rare." -Mark Twain

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