The Nasdaq 100 (NDX) has had seven days without a new low. It is rare for a move to go beyond 7 days without a correction of a day or two. Price is slightly above the 20 day moving average and may pull back to that level. Volume has been less than average on this move, but average is much higher today than it was 6 months ago.
The Smallcap 600 charts looks similar.
Tags: Nasdaq Charts · Swing Charts3 Comments
3 responses so far ↓
What do you think Andy? S&P broke a few of my Fib # at 953, just broke thru, but interesting. Most of my trades yesterday where stopped out, so my only hold was WB, and I got out this morning. Out of everything right now, not sure if this Rally has any legs left. Obama, overwelmed with death of grandmother, and white house picks. Looking for retrace to Oct.10th? could move fast, maybe start of 5 down? Volume was mixed, low in my opinion. I like your Bidu, great stock for kids funds, goes with PGH, (pays a great dividend monthly, not only that most kids get $10-20 allowance and they can buy 1 share a month on ave. yet get a dividend every month, law of ave’s pays off sort of that compound interest idea ….1 penny 2,4,8 LOL! You know what I mean, hard to find stocks that could pay off 20 years from now, but I think thats a winner for long haul, and you know there is only so much oil and nat gas OK all have a great night. Thanks Andy.
Ok, before I head off to work, I ran a few #’s looks like S&P going to at least 875, like I said the other day, I think this triangle has stretched a bit. so two choices, we are going to 875 then back up for final move back around 920-930 then we fall to the oct 10 area, or lower, or we fall right now to oct.10, bounce and fall to never never land. In other words I think one of my very first posts when I started chatting on your site Andy, was never never land…LOL! so you can just sit back and stay in cash or trade the shorts on dow and s&p,,,, SH, SDS, SSO, nazdaq QID, just some if you have 401k with self managed accounts you can possibly trade the short Profunds, or as above the proshares….of course just like Andy, these are only my opinions and trade at your own risk. Goood Nite……
Libby - I need to look at the longer term tonight. But the short term looks good to me. Today was expected. Tomorrow will be telling with CSCO’s warning. I will see if I can find something in the geometry before morning.