NASDAQ--Makes new 52 week highs so now any bearish head and shoulders pattern that might have been there has now been negated. The QQQQ's should be the next to follow but so far have not made new highs we are about 35 cents away.
LYO--If you liked the NCX chart update and sector then you might not have known you were already in that sector, chart pattern, and wave structure. The monthly chart is nearing all time highs. Once it crosses there is no resistance above but we are still about a buck off from that level.
OSTK--Currently it's up 24% as it heads to my first major resistance area (the monthly downtrend line) after this update you can click that chart and go right to that update.
GIGM--Broke out of a cup and handle but needs to show follow through. It broke out on massive volume (nearly triple)
JOYG--Approaching resistance from gap up earnings resistance (short and long term picture)
Nasdaq Composite Index - ($COMPQ) - Bullish Continuation Diamond Pattern
The daily chart of the $COMPQ illustrates that it has been trading in a wave 3 to wave 4 sideways consolidation pattern called a Slim Jim or a rectangle for the past three months (Holidays). Today, the $COMPQ broke out of the continuation diamond pattern, which I discussed on this past weekend's update. ( even though I have it marked as an ascending triangle here.) This is a bullish signal, and today's breakout on strong volume move marks the start of new impulse wave 5 up move. Higher highs are bullish because there is no overhead price resistance that the $COMPQ has to overcome. In addition, you can see steady volume has come into the index since the beginning of the year . If you look at the moving averages, you will see that they converge slightly during each consolidation phase and are now beginning to turn upwards along with the breakout of the continuation diamond. Furthermore, if you look at the indicators and oscillators you will see that, they too, confirm the classic upside breakout pattern. The Aroon indicator is in a 123 bullish trend reversal marked by it's recent cross at the 30 line. The PPO is in a 123 bullish trend reversal and is pointing upwards as are the RSI and stochastic's. The indicators and oscillators are moving up along with price which signals a bullish direction and trend. Therefore, when you look at this bullish chart of the $COMPQ you can determine that the pattern, the trend, the direction, the volume, the indicators and oscillators all confirm the price action which ultimately confirms the bullish trend. You always want to look to these for confirmation of a move and to validate a trade based on technical analysis. The previous 52 week high was placed on Friday Jan 12th at 2502.82. Today's new 52 week high was placed at 2514.22. The QQQQ should follow suit shortly.
2/20/07 - A Trader's Daily Affirmation: I learn something new about the market everyday. This knowledge gives me an greater trading edge and a better understanding of the market and technical analysis.
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