I liked the close on Friday. Price hit the old high at the right time. There is no guarantee from here and I don’t expect much of an upside before we are overbought. But my guess is that we go to 1440 from here in the next week or two. If this plays out it shows strength for the next part of the move. Who knows, maybe we will end up testing the October high which is 720 degrees from the bottom. This move will be followed by weakness into September/October where we will test this current level again.
We still don’t see any SPX daily volume. But the weekly volume was actually strong and above the previous two weeks while closing at the high. Even the smallcaps are looking better than they have in months.
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:22 am
Tags: Market Outlook · Square of Range · Standard and Poor's 500 (S&P500) · VolumeNo Comments
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