Indices Pointing Towards Rally - The Bonddad Blog

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Indices Pointing Towards Rally
Apr 22, 2008 02:06 AM UTC

The Bonddad Blog

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Symbol	Sentiment	Start	Return	Closed
SPY		04/22/08	-1.94%	06/16/08
QQQQ		04/22/08	-6.12%	--

4/21 - "On the daily (SPY) chart, notice the following:

-- From the bigger picture perspective, we are still in the middle of two bear market pennant patterns.

-- Prices are still below the 200 day SMA

-- The 10 and 20 day SMA are both increasing

-- The 10 and 20 have crossed above the 50 day SMA

-- Prices are higher than the shorter SMAs (10, 20 and 50), which will pull these averages higher.

-- Volume is still low"

"On the QQQQs chart, notice the following:

-- Prices are still below the 200 day SMA

-- Prices are higher than the shorter SMAs

-- The 10 and 20 SMA crossed over the 50 day SMA

-- The 10, 20 and 50 day SMA are all headed higher

-- Volume is still weak"

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Comments (3)

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jacobito

N/A

0 point commented 592 days ago reply

I believe that the tendency for the 4Q's is up. Apple is going to report tomorrow, and due to its high international exposure its earnings are going to be well received. Would not be surprised if at the open, the 4Q will drop maybe 10 to 20 points. But after 10 o'clock, hold on your sit.

traderdrew

51%

1 point commented 592 days ago reply

I wouldn't be so sure about this rally, we arn't getting any participation (i.e. very low volume) and we didn't see any follow though today. Which makes me believe that big buyers are sitting this one out.

loneranger

38%

0 point commented 592 days ago reply

They are pointing the other way my man, we couldnt break jan resistance and we arnt seeing any participation in sectors outside of materials and oil, I would be fading this rally

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