The SP500 Index (SPX) was stopped at the January high and the 12 month moving average. Volume continues to show a significant level of buyers between 666 and 900. Volume declined month over month in June, but was still higher than all but seven other months ever – pretty good for early summer.
The weekly charts show a lower volume pullback off the January high. Price dropped below the 50 day moving average (10 week on this chart). Volume was typically low around a holiday so not much can be read into Thursday’s price action. I do expect another pullback before the continuation of the move upward. Maybe the short term move down has begun.
The daily chart shows price below the 50dma and above the down sloping 200dma. Some have been discussing the head and shoulders pattern. This is possible but a bearish head and shoulders would have had the right shoulder begin below that of the left side. The more bullish Nasdaq does not show this pattern.
Charts courtesy of Stockcharts.com
Related Posts
Tags: No Comments
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.