Both the QQQQs and the IWMs had strong days. Both moved through the previously broken upward sloping trend line. I drew a second line on the IWM chart to show an alternate perspective. Both charts have very positive SMA pictures -- the shorter SMAs are above the longer SMAs, the SMAs are rising (with the exception of the IWMs 50 day SMA) and now the prices are above all the SMAs.
Both the SPYs and the DIAs are still below their upward sloping trend lines. And the SPYs action today is simply horrible.
What's interesting is the more aggressive indexes -- the QQQQs and the IWMs are moving higher on strong bars while the SPYs and the DIAs are languishing.
3 comments:
Your QQQQ chart is different from mine. Mine shows that it closed just barely up today and nowhere near the high. Likewise with IWM. There was a very sharp sell off for the last hour, and it looks like your charts didn't catch that.
jkw
Bobdad:
Boy the pattern you laid out is hard to figure. I observe what you have observed previously, that is the volume is low relative to the majority of the upward thrust.
Wonder if we might consolidate here for a while. Then again the market does a real good job of proving me wrong.
rntheo
Bonddad,
I love your site. I read it every day.
Are your QQQQ and IWM charts for Wed 4/21 correct? I have lower closes for each of them than you have on your charts (32.79 & 46.86 respectively.)
Thanks for your opinions and insight.
Cheers,
Richard Eikstadt
University of Michigan
Kidney Epidemiology and Cost Center
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