Advance/Decline Line Soars

01/05/2010 9:42 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
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The NYSE A/D line broke out to the upside in early December and has continued to make new highs, leading prices higher. Further new highs were reached on Monday, and prices are finally starting to catch up. First Fibonacci projections are at 1140 with converging targets now in the 1160 area. Support is firmly in the 1110-1116 area.

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