In addition, some of the recent leading issues, after breaking out to new all-time highs, also fell back into their respective bases. We still do not see a durable, long-lasting advance until there is further improvement in the number of new highs. More concentrated support lies in the 3729 to 3884 area because this is where the most volume occurred during the consolidation. The heaviest resistance on a volume basis runs from 3649 to 4149, and the index has failed to get through this area 5 straight times. There is little resistance overhead, running from 1488 up to the old high of 1527.
Support is very thick so downside continues to be limited.
Internals on the NYSE remain neutral. Improvement in new 52-week highs has stalled while new lows remain in good shape. Business Week Online may receive a share of any fees you pay for services. The McGraw-Hill Companies Inc. All rights reserved.