Market Internals Confirm Prices

03/18/2010 9:53 am EST


Thomas Aspray

, Professional Trader & Analyst

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The NYSE Composite and Dow have now surpassed the January highs. The market internals have confirmed these highs, which is positive for the intermediate term. The number of new highs surged to 571, well above the previous peak of 496. The NYSE Composite has trend line resistance in the 7700 area. The NYSE A/D line moved above the prior peak and has been leading prices higher since February 25 (click here for chart), still showing a powerful uptrend. Next S&P resistance is at 1180-90.

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