Market Close To Resistance Zone

By August 20, 2014 Market Analysis No Comments

Nasdaq100 crossed its July 24th high and closed at 4040.70. S&P closed at 1986.51 which is close to its high of 1987.85.

Dow Jones is the one which still needs to cross 17138. It closed today at 16979.

After bottoming on August 7th market has continuously moved up putting just slight pullback on three occasions.

So all in all market has done nothing but rocketed upward after August 7th.

There is very strong resistance just above the current level of the markets.

S&P strong resistance level is 2000. NASDAQ 100 strong resistance is 4060-4070.

It seems these two markets could stall at these levels, consolidate and then move upward. This consolidation could take place between August 25th and August 28th.

What the market will do next will be clear next week.

 

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