Today's Stock Market headline: Testing, Testing, Testing ... 3 Indexes at a stress level?

Stock-Markets / US Stock Markets Jul 10, 2007 - 02:32 PM There are 3 important testing levels, all occurring today, in the market on the S&P 500, the DOW, and our Institutional Index. Each chart is below showing their respective resistance levels being tested. Chart 1:

The S&P 500 The S&P's intra-day chart is below and shows how it has been in a descending channel since the beginning of June. You can clearly see on the chart, that the S&P will be testing the resistance of its upper channel as the day opens.

Chart 2: The Dow Jones Industrials. This 10 minute chart of the DOW shows its movement during the past 8 days. Note how the tops are weakening (red lines on the price chart) and how the DOW closed below a minor support yesterday. It should test the second support line this morning, and if it breaks through that, it will test the bottom support level.

Marty Chenard is the Author and Teacher of two Seminar Courses on "Advanced Technical Analysis Investing", Mr. Chenard has been investing for over 30 years. In 2001 when the NASDAQ dropped 24.5%, his personal investment performance for the year was a gain of 57.428%. He is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools. As a result, he was out of the market two weeks before the 1987 Crash in the most recent Bear Market he faxed his Members in March 2000 telling them all to SELL. He is an advanced technical analyst and not an investment advisor, nor a securities broker.