=============== All right Neet. SPY/ES had reasonable buy volume ,QQQQ & DIA had ''below average'' volume. Even more telling , while theyre above 200dma; all those are neatly below 50 day moving average. Frankly like good downtrending/uptrending moves, but now 50 dma is downtrending since 2-27-2007. Would be suprised if they make it much past 50dma any time soon
The indices had a very strong start to the week, breaking out of the consolidation we had on Thursday and Friday. The day started out with a gap up at the get-go. They pulled back almost immediately, but held reasonably well, and then had a very strong surge to the upside to new rally highs on both indices. In fact, the NDX took out the highs from early March; however, the S&P did not confirm that. The indices then reached their peaks late morning,, pulled back into lunch hour, tried to rally early in the afternoon, but did so in a corrective-looking manner, and then had another leg lower on the Nasdaq 100, taking out immediate short-term support but holding on the S&P. In fact, the S&P held in a nice multi-hour flag pattern for the rest of the session and consolidated its gains bullishly. Net on the day the Dow was up 115.7, the S&P more than 15, and the Nasdaq 100 more than 16. The Philadelphia Semiconductor Index (SOXX), however, was down 2.81, and the NDX obviously would have had a much bigger gain today if the semiconductors were stronger. The technicals were very solid by 3 to 1 positive on advance-declines on New York, 2 to 1 on Nasdaq. Up/down volume was 6 to 1 positive on New York, but only 5 to 3 on Nasdaq. Much narrower gains today on the OTC. Total volume, however, was lighter, with only 1.45 billion traded on New York and about 1 2/3 billion on Nasdaq. Stepping back and reviewing the hourly chart patterns, the uptrend off the low of mid-week continued today, and they had a significant advance. However, the S&P 500 is still beneath its declining tops line going back three weeks. Key overhead resistance now exists at the 1410-15 zone on the S&P 500,& must be taken out in order to confirm the minor breakout we had today on the Nasdaq 100. However, additional overhead resistance on my hourly charts exists at about NDX 1765. Monday's high was 1764.37, so we came right up to it and backed away. We'll see if they can break through that level and get a confirm from the S&P 500 over the next day or two.