Diminishing New – 52 – Week Highs

Today 08/05/21 the Nasdaq Composite made a new all-time high unaccompanied by the other two main US stock indices, S&P 500 (SPX) and Dow Jones Industrial Average.  The SPX all-time high was at 4429.97 made on 07/29/21 , todays SPX high was 4429.55.  

The daily chart of Nasdaq – New 52 – weeks highs ($NAHGH) courtesy of StockCharts.com illustrates the action of this indicator since the start of 2021.

Amazingly the downward trend continues.

The message from the NYSE – New 52 – week highs ($NYHGH) is the same.

Very short term – the SPX all-time high on 07/29/21 was 4429.97, the closing SPX high that day was 4419.14 vs. todays close of 4429.04.  The intraday $NYHGH new highs on 07/29/21 was 326, todays $NYHGH intraday high was 248.  With a slightly higher closing SPX price, new 52 – week highs decreased.

SPX has major Fibonacci resistance in the area of 4437.00.  Please see the 07/05/21 blog “The Next S&P 500 Resistance Level” and the 07/26/21 blog “Fibonacci Resistance Points” for a detailed explanation of this potential resistance zone.          

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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