Afternoon Update-SPX,TRAN,CKCM,OXY,& NGS
The S&P 500 Large Cap Index (SPX) - Daily chart
As you can see from the daily chart, the SPX is in an ascending triangle pattern. The short term pattern is bullish and the trend is bullish, yet the overall pattern remains treacherous. Price target remains 1304 at the low end to 1334 at the high end. Furthermore, you can see that the SPX is rising on expanding volume. Indicators and oscillators are bullish.
The Dow Jones Transportation Average (TRAN)- Daily Chart
The TRAN is in a reverse symmetrical triangle pattern. It is now making new all time highs. Medium term this is a bullish chart. Indicators and oscillators are bullish. I am still neutral however, because I am still waiting on the SPX to catch up. Stick with the trend until it changes. Notice that the stochastics are bull flagging. I believe the TRAN will follow the DAX and the CAC. So many sectors are now reaching new all time highs. I remain in the bullish camp until proven otherwise. Indicators and oscillators are moving up in along with price. The internals for the market are fantastic. More stocks are making more new highs than new lows.
Click Commerce, Inc (CKCM)- Daily Chart
The daily chart of CKCM illustrates that two types of patterns are going on. Today CKCM broke out of the symmetrical triangle to the upside to test the resistance line of the larger ascending triangle pattern. Today CKCM was up 8.30% at $29.49.
Occidental Petroleum Corp. (OXY) - Daily Chart
The daily chart of OXY illustrates that it is in a large cup and handle pattern. Today OXY broke out of the handle to the upside. There is no overhead resistance because it is making a new 52 week high/all time high. OXY was up 3.57% at $94.47 on heavy volume. Indicators and oscillators are bullish and moving up along with price. Furthermore, I would like to add the fact that statistically any stock that crosses $88.00 will eventually move to $100.00.
Natural Gas Services Group (NGS)
On the daily chart, NGS has taken out resistance at its downtrend trendline on high volume. Last week I issued a buy alert on it at $18.44 after the gas numbers came out. Well, it is up nearly 30% from entry. Looks like NGS will go to $30.00. Indicators and oscillators are bullish, and the stochastics are bull flagging.
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