Augie it comes from a pnf chart which if the net nasdaq high/lows hit 420 today will break out of a bullish catapult formation and minimum projection would be about 502-504 and yes it would be a new high.
Augie, the nyse has more work to do and is also approaching some resistance but should it print net 504 then as it stands right now it would project up to about 585 as a minimum. It would break a spread quadruple top at 504 and that should let it test the june highs and surpass them. Way early now though.
According to Yahoo, net Nasdaq high/lows today ended at 441 and NYSE at 439.
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