Volume was off a little today but I would not call it light. Price of the SP500 Index (SPX) finally moved back to the swing high but did not close above this point. Price did finish at the highest close of the swing though. I’m still not super excited because we are nearing overbought and only marginally higher than we were 11 days ago.
The Nasdaq Composite (COMPQ) looks better with a close above the swing high. Relative volume was slightly better on the COMPQ than the SPX. Ideally, I want see price move much higher before trying to carve out the next swing low. As has been the case for the last couple months, the Nasdaq stocks are stronger than the one, two, and three letter stocks.
The SP600 Smallcap Index (SML) looks similar to the COMPQ in price action. But volume was low for the small caps today.
Tags: COMPQ · NASDAQ · RUT · SP500 · Swing Charts · VolumeNo Comments
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