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$NYA very longterm weekly resistance
Started by
spielchekr
, Apr 21 2007 11:11 AM
3 replies to this topic
#1
spielchekr
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Posted 21 April 2007 - 11:11 AM
Of course, market sorcery has alchemized all resistances from retardants into accelerants. Do that again right here, and bulls shall get their point of recognition. If not, .
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#2
spielchekr
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Posted 21 April 2007 - 03:37 PM
"But I really prefer linear", you say. No problem.
#3
Tor
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Posted 21 April 2007 - 07:01 PM
Looks like its gone through res on the untampered trend line. To me looks like a breakout met with massive scepticism.
That sceptisism includes me by the way as i have given ulp trying to short and even to go long.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#4
spielchekr
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Posted 21 April 2007 - 07:34 PM
Hey, Tor. Here's why I'm skeptical. Despite the hype about NYSE leadership, new A/D highs, yada yada, the $NYA still does not lead the $SPX, not from the 1994 EOY origin point anyways. You remember 1994, the year that kicked off the greatest bull run of all time?
Here's an $SPX chart with an overlay of the slope of the $NYA's resistance line from the end of 1994 (the gray line on this $SPX chart is the same slope as the blue line on the $NYA chart, from the same origin point). As you can see $SPX has, on numerous occasions, well exceeded the $NYA's resistance line (the one it is only now tagging since dropping below it back in 2002). Look, it's doing it now as I speak. Taken from a 1994 EOY point of origin, the $NYA has merely been struggling to catch up, and it still isn't on par with $SPX. It throws some cold water on the whole $NYA "leadership mystique" notion, at least for me it does. As far as I'm concerned, $SPX is the leader. And it's not broken into all time highs. Leaders don't get the lowered bar.
Here's an $SPX chart with an overlay of the slope of the $NYA's resistance line from the end of 1994 (the gray line on this $SPX chart is the same slope as the blue line on the $NYA chart, from the same origin point). As you can see $SPX has, on numerous occasions, well exceeded the $NYA's resistance line (the one it is only now tagging since dropping below it back in 2002). Look, it's doing it now as I speak. Taken from a 1994 EOY point of origin, the $NYA has merely been struggling to catch up, and it still isn't on par with $SPX. It throws some cold water on the whole $NYA "leadership mystique" notion, at least for me it does. As far as I'm concerned, $SPX is the leader. And it's not broken into all time highs. Leaders don't get the lowered bar.
Edited by spielchekr, 21 April 2007 - 07:38 PM.
