The Nasdaq 100 (NDX) remains range bound after today. Price action was very positive and volume was good. But looking at the range square cycle, we really don’t have much after today. If we get a continuation with another day or two up then a trend change would be upon us. But until price moves beyond the range at the 50% price retrace level there isn’t much to get excited about.
The SP500 Index (SPX) swing chart action has price below the day six high - even after todays big move. I assume that the open will take out this high. But where they close them is more important than where they open them.
Charts courtesy of Stockcharts.com
Breadth was good in many sectors. Energy and commodities got hit but most everything else was up a good amount. The Smallcap 600 (SML) was up on volume along with the large caps. The buying was across the board today from my viewpoint. Still, the SML is below the day six high just like the other indices.
Tags: NDX · Price Retrace · SP500 · Square of Range · Swing Charts · Volume2 Comments
2 responses so far ↓
Tomorrow’s close better take out f’n 1291.
Catalyst ? Oil. Gold.
I am bit weary of the commodities. They just can’t fall forever. Pretty soon they are going to rally and we know whats going to happen then.
Pretty soon they are going to rally and we know whats going to happen then.
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Yeah. The smart money will unload everything to the retail Johnny-Come-Latelys.