Resistance Levels and Volume; Pay Attention!
August 28, 2008
The markets are bumping up against major moving averages; NASDAQ bumping up against its 200dma at the moment. What will be important piece to watch is if the index can retake that average with volume. We can’t stop there, it must maintain that average with increasing volume. The NYSE is now approaching its 50dma, but recently volume has been a disappointment. It is still far below its 200dma, again we need volume to support moves and we have yet to see this. We need to see much improvement as far as price and volume are concerned.
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