New intraday highs for the S&P. Stays above a broken trend line.

Technical Analysis

Author: Greg Michalowski | spx

New intraday high at 3309.45

The S&P has extended to a new intraday high at 3309.45. We currently trade just off that level at 3308.85. 

New intraday high at 3309.45
Looking at the hourly chart above, the price gapped above a topside trend line and has been able to stay above that broken trend line. The line currently comes in at 3304 (and moving higher).  Stay above keeps the bulls firmly in control.  A move below with just muddy the bullish waters on the failed break.

The NASDAQ index and Dow are not making new highs.

For the NASDAQ index is currently trades at 9327 up 68 points.  The high for the day reached 9339.03 in the 1st hour of trading.

For the Dow, it is currently trading at 29207. The high for the day reached 29219.37 earlier today.

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