S&P 500 Highs Aren’t Confirmed By NASDAQ

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S&P 500 Highs Aren’t Confirmed By NASDAQ

By David Spurr on July 27, 2009 | More Posts By David Spurr | Author's Website

On Friday, S&P 500 (SPX) (^GSPC) made a higher high and Nasdaq (NDX) (^IXIC) did not make a higher high. Weak earnings from Microsoft (MSFT) were part of the catalyst for the NDX not pushing to new highs.

I went back and looked for other instances of the NDX not making higher highs and identified them with a signal above (red). The green plot represents SPX making new 75d highs.

The chart below is the 10d momentum of SPX.

This chart shows SPX and 10d momentum of NDX.

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