Transports, A/D Line Point Higher

07/23/2010 10:01 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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Impressive action on Thursday as the Transports were up 3.8% and have now moved above the most recent highs. There is retracement resistance next at 4355 and 4470. The daily studies are strong as the OBV is making new highs. The S&P is still below its most recent highs at 1100, but the NYSE A/D line is much higher as it completed its triangle formation last week. A move in the A/D line above its April highs would be very bullish. Next S&P resistance at 1117 and then 1130 with support at 1056-65.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

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