Stock Indices Test Multi-Timeframe Resistance

The Indices once again are testing important multi-timeframe resistance areas. The NSADAQ is definitely showing more strength, while the Russell is showing the most weakness. Price development is suggesting a breakout to the upside, but the market internals are still not strong enough to sustain a breakout should it occur. If the Market does trade above resistance, the internals must increase. Today, only 32% of the S&P 500 stocks were trading higher as opposed to lower. In the NASDAQ only 190 shares were trading higher as opposed to lower.

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