Online Stock Trading | Massive Intra-day Support on the NASDAQ: Bullish

Massive Intra-day Support on the NASDAQ: Bullish


Filed Under Market Commentary |

Unfortunately I’ve been taking away from the markets intraday, taking care of a loved one is much more important than watching quotes flashing away.  At any rate, my situation has improved my ability to see how the action shaped up during the day.  Wednesday started off with a bang only to have the joy of higher prices wiped away.  Normally, you’d like to see a gap open hold its gains, but Wednesday’s market just couldn’t hang on.  Chicken Little syndrome has taken over Wall St. and Main St.  Any type of movement higher has many traders running scared.  However, by the end of the day the NASDAQ was able to climb back and grow a massive tail of intraday support.  Taking the 50,000 foot view of things, Wednesday’s action was quite bullish on the NASDAQ and it will remain the leader of this market.

Distribution Day Count:
NASDAQ 3
S&P500 3
Dow 2
NYSE 1

Nothing to get excited about there, just one more day would put an alert flag on the NASDAQ and S&P500.

Its getting a bit late for great stocks breaking out, however that isn’t going to hold back everything.  Studies have shown that within 13 weeks of a follow-through stocks who have the greatest run ups bein within those 13 weeks.  We aren’t quite that close but we are on the other side of the mountain sort of speak.  Continue to look at those Chinese stocks that continue to build their flag patterns!

Keep your losses small!

Market Speculator

Last 5 posts in Market Commentary

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • ThisNext
  • MisterWong
  • Wists
  • Bumpzee
  • StumbleUpon

Comments

Leave a Reply