Morning Update - SPX, OIH, & COMPQ
S&P 500 chart (SPX) - Daily chart
The SPX is in a reverse symmetrical triangle pattern. The SPX has taken out the top of the trend line and made new highs. The SPX seems that it wants us to get bullish at this level. This is a chaotic pattern-which goes parabolic and creates shock and awe. The SPX chart may look toppy, however it keeps going higher. Indicators and oscillators are bullish. Remember bulls live above 1246 and bears below that. Bias remains neutral. The SPX has the potential of going to 1304.
Oil Services Holders ETF (OIH) - Daily Chart
The strongest sector right now is the oil and energy sector. When will the all time highs stop? Well, the move will probably stop around the $146 area, unless we get an extension. If the OIH makes new indicator highs along with price, the OIH will probably get an extension move higher The daily chart of the OIH illustrates that it has broke out of an ascending triangle in late November 2005 and has rallied higher ever since. Indicators and oscillators are bullish, and stochastics are bull flagging.
The Nasdaq Composite (COMPQ)- Daily Chart
The daily chart of the Nasdaq is bullish. As you can see by looking at the chart, the COMPQ has completed it's wave (3) to (4) pullback. The COMPQ has rallied sharply for the 7 days. Indicators and oscillators are bullish. There is very little bearish divergence. This is the type of market for buy and hold types not nervous Nellie's.
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