Stock indexes closed higher for the third day in a row on Thursday. The NASDAQ Composite Index closed above this summer's downtrend line crossing near 1295 on Thursday thereby opening the door for a possible test of last week's reaction high crossing at 1354.48. Closes above this resistance level are needed to confirm today's trendline breakout, which would then open the door for a larger-degree rebound into late summer. Momentum indicators have turned bullish hinting that sideways to higher prices are possible near-term. The NASDAQ Composite Index closed up 35.62 points at 1316.52. The September S&P 500 index also closed higher on Thursday and is poised to test last week's high crossing at 915.90. Closes above 915.90, which coincides with this summer's downtrend line would signal that a short-term bottom has been posted. Momentum indicators have turned bullish signaling that sideways to higher prices are possible near-term. The September S&P 500 index closed up 29.70 points at 905.70.
The Dow closed sharply higher for the third day in a row on Thursday and is poised to test last week's high crossing at 8761. Closes above this reaction high, which coincides with this summer's downtrend line, would confirm that a short- term bottom has likely been posted. Momentum indicators are bullish signaling that sideways to higher prices are possible into mid-August. Today's rally was triggered by strength in Citigroup and J.P. Morgan. The Dow closed up 256 points at 8712. More at http://quotes.ino.com/exchanges/?c=indexes
So your saying that if 1263 doesn't hold, we then retest and possibly break the lows? All but the NDX put in a bullish higher low recently and I thought we had a quality bottom here. Are not the chances on the high side that we just had the local bottom, if not lows for the year? Thanks, Fletch
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