NASDAQ (COMPQ)- Daily Chart
I just want to update the Nasdaq quickly because it is the end of the month. Instead of window dressing we got window smashing. We actually only closed down 1% on the month. Consequently, the COMPQ has gone nowhere. As you can see, the COMPQ has broken out of the symmetrical triangle and has pulled back today to test the 34 day moving average. The PPO is showing bullish divergence and the stochastics are bull flagging. However, the Aroon is still in a bearish trend reversal.
S&P 500 chart (SPX) - Daily chart
The daily chart shows that the SPX is in a symmetrical triangle pattern. Yesterday, it hit all time highs at 1297.60. However, today the SPX erased the last 5 days of gains with a drop of 1.04%. The SPX closed at 1280.06. The SPX could continue on down to test the uptrend line at 1270.00 or so and it's uptrend would still be intact. As you may have noticed, each time we reach new highs the volatility of the market increases. Today the SPX had a knock down which is typical of a parabolic market. Finally as you can see the indicators and oscillators are bullish. Please note that the stochastics are toppy.
Final Notes
The good news is that the majority of our portfolio stocks are going up because they are in the right sectors. I do want to point out that when we do get pullbacks like we did today, it gives us the opportunity to find new setups, such a s MTH. However, I am still waiting for MTH to break the downtrend line. My watch list is starting to grow. Nothing did well today, all the sectors were down. Nevertheless, I am watching out for sector rotation, and so far nothing has changed. I did issue sell alerts in 5 stocks today because they were toppy. Now I will let new setups to come to us.
NASDAQ
$SPX
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