Overall, this week was very positive for the market. The daily and weekly volume shows mild accumulation. Price is higher than any time since the January decline. The smallcaps started to look good earlier this week but are now churning on higher volume - which is not usually a good thing.
The SPX has moved 25% of the range of the previous move and appears to have consolidate on lower volume. I continue to watch for a move to 1440 (360+90 degrees from the March low) before this leg is complete.
Chart courtesy of Stockcharts.com
The QQQQ also consolidated on lower volume and I am watching for a move to just below the $50 area.
Price on the long term roadmap continues to move as expected.
Post Modified: July 3rd, 2008 at 12:23 am
Tags: Accumulation Day · Gann Angle Fan · Market Outlook · QQQQ · Roadmap · Square of Range · Standard and Poor's 500 (S&P500) · VolumeNo Comments
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