Options expiration brought out the buyers on the Nasdaq Composite (COMPQ) index. High volume on options expiration is not unusual and should not be interpreted as bullish (on its own merits). But price stayed above the 1×1 descending angle and bounced off the 20dma as a continuation of an ongoing strong move. Because today was OpEx I want to see a confirmation day next week to consider today’s high volume significant in the long term.
The SP500 (SPX) index also moved up on high volume. It will be interesting to see where price ends up with respect to the current time box in the this time frame.
Charts courtesy of Stockcharts.com
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