Stock Market Technical Indicators & Analysis
ATVI is showing a lot of strength as a BOS stock finding support on its lower Bollinger Band and its 30 day average (red line). Black volume spikes suggest institutional buying. Next hurdle, breaking through its all-time high at its green line (green line break-out, GLB) and holding it.
The QQQ completed its 16th day of its short term up-trend.
While my short and long term market trend indicators show an up-trend, my modified Guppy charts of the SPY and QQQ paint somewhat different pictures. My modified Guppy chart plots 6 shorter term and 6 longer term weekly exponential moving averages plus a dotted line showing each weekly close. This weekly chart of the SPY shows a clearly developed RWB up-trend. All shorter averages (red lines) are well above rising longer term averages (blue lines) with a white space separating them.
The chart of the QQQ is weaker, without a well defined RWB up-trend. The question remains, which index will lead the other?
Nevertheless, the GMI remains at 6 (of 6). The current decline may be setting up for a nice snap back rally as we get end of quarter mutual fund window dressing at the end of June. And then on to 2nd quarter earnings. So I am watching the popular growth stocks for good entries and will tweet about stocks I think are bouncing on support (BOS). However, I will not post on this blog again until Wednesday night.
Of the three, HII had the most recent GLB. Check out this daily chart.
