Price and volume are interesting over the past couple days. Yesterday I posted about big volume buying in the Powershares QQQ Trust (QQQQ) and SP500 SPDRs (SPY). Today the big volume was selling around 2:30. The SPY never made a two day low, while the QQQQ was up today.
The total Nasdaq (COMPQ) had a 180 reversal day today versus yesterday. Looking at only the price and volume action from the past week, I am bullish. I continue to think we will have a run to 1440 (or higher) in the next week or two.
Chart courtesy of Stockcharts.com
I saw that short interest on the Naz and NYSE are again at record levels. Something needs to happen to remove a lot of these bears before we can go down. I have been thinking that mid-June will be the top. As we get closer to that date, I am thinking maybe the market will begin the final move up in mid-June which is 90 days from the March low. Another 45 days (135 total) would take us into the end of July before a move down into October. This is definitely possible and may be necessary to shake out the early bears.
Post Modified: July 3rd, 2008 at 12:33 am
Tags: Nasdaq Charts · QQQQ · Standard and Poor's 500 (S&P500) · VolumeNo Comments
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