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A "W" pattern appears to be developing in the NASDAQ and its cumulative net
volume, i.e. cum(upvol - downvol). A cross of the NASDAQ cumulative volume
above the 21 day exponential moving average would kick the NASDAQ up into
the right side of the "W" formation. So far the point C is higher than
point A on both the NASDAQ price and cumulative volume. A move by price and
CV above points B would complete the pattern and bode well for a summer
rally. A drop below point C is of course a reassertion by the bear against
the timidity of a bull with a sword in his neck. The NYA cumulative net
volume continues to track above its 21 day EMA after a continuation buy
last week.
Bob Roeske
Attachment Converted: "f:\eudora\attach\CV3.gif"
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