The SP100 (OEX) index climbed about 1% but volume was weak as is typical around a holiday. Traders are more interested in going to the beach than buying and selling stocks. Price is below the recent swing high and above both the 20 and 50 day moving averages. I expect a test of the 444 high to fail and a “C” leg of an A-B-C to complete the consolidation after 90 days of solid bull market action.
The weekly chart shows price above the 1×1 angle which represensts the inverse slope of the move down from October 2007. The 10 week (approximately 50 day) moving average is tracking slightly above this 1×1 angle.
Charts courtesy of Stockcharts.com
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