U.S. stocks closed modestly higher on Friday, ending with weekly gains not seen since last November. In all of the major averages, we managed to close above last week's high as well, a very positive sign. Another very positive sign is the formation I see on the weekly charts of the Nasdaq and Nasdaq 100 indexes, which suggest a successful test of the November lows may have occurred. We won't know if that is the case until the January highs are taken out, but the price pattern is very attractive. The only problem I see is that volume tailed off this week compared to last week. Therefore, if prices are to go higher, we need to see more volume.
More to come!
Scott Cole
www.bestdaytradingstocks.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment