The COMPQ made a new high since January on good volume. The QQQQ also had good volume and has some room to move before hitting the 1:1 red Gann Line discussed on Tuesday. The SPX had about the same volume as on Wednesday with about at 24 point move. The move of the SPY was on less volume today than yesterday, but ETFs trade strangely with volume. This is a rambling way of saying that the move looks good to me. Amazingly, the Nasdaq is not overbought yet.
Chart courtesy of Stockcharts.com
I still see QQQQ around 50 and SPX at 1440 as a good place to expect a pause to work off overbought.
Post Modified: July 3rd, 2008 at 12:23 am
Tags: Advance-Decline · Nasdaq Charts · Square of 9 · Standard and Poor's 500 (S&P500)No Comments
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