Weekend Outlook – 28Jun09

June 28th, 2009 by AndyAskey

The Gann Emblem of the Nasdaq Composite (COMPQ) shows price at 15 days beyond the recent high from the March low. A thirty day pause after a 90 day run is very bullish. If price can complete an A-B-C correction after the 4th of July, then I think the market will be in a very strong position.

Price is respecting the 50 day moving average on the Nasdaq 100 (NDX). A shakeout below the 50dma to the 1×1 angle off the March low would be a good thing.

The Nasdaq McClellan Oscillator has moved to oversold and those with good eyes will see the 10dma starting to turn up. This metric may become more oversold in the next 15 days. But it could also diverge with price. Watch the Top 100 Growth Stocks as they will move up before the composite market in a bullish scenario.

Chart courtesy of Stockcharts.com

Tags: Gann Emblem · Market Outlook · McClellan Index · Nasdaq Charts (IXIC)No Comments

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