Nasdaq, S&P Continue Higher

04/16/2010 9:09 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

Powerful action this week in both the Nasdaq and S&P 500 makes the resistance from 2008 the next major barrier. The McClellan Summation Index is positive on both, but still looks stronger on the Nasdaq, which is now close to the 2008 highs at 2550. There is further resistance at 2650-2700. Now that the S&P 500 has cleared 1200, the next band of resistance is at 1265-1315. The S&P is well below the 2008 highs at 1425.

Related Articles on STRATEGIES