Sunday, June 14, 2009

Technical Picture - Weekend Update

The S&P did very little this week, except on the weekly timeframe, where it managed to close above the January reaction high for the first time. However, a mere 2.5 points on low volume is nothing to get excited about.

The NASDAQ has a much more interesting pattern development as we see the beginning of a bearish rounded top, which could be part of a bigger pattern such as a H&S top. Wednesday's hanging man has yet to confirm so we need to see further weakness follow through and not just some more sideways chop.

Notice how the $USD has yet to close above the downsloping 20 EMA. Maybe we go lower before we can move higher. Watching this one closely.

Gold approaching oversold as it moves in to retest the wide base.

NBI consolidating nicely before the next leg up.

Interesting note in IBD this weekend with respect to the IBD 100 - leading stocks. A number of the leaders took big hits this week. Also the IBD 100 fell 2.1% on the week.

Here are the top 10 under $100 with ADV (avg. daily vol.) of 500,000 or more which I'll be adding to my focus list to enhance ATR (avg. true range) - FUQI, VPRT, GMCR, STAR, LFT, NTES, SYNA (42% short float), SNDA, INT, and TRLG.

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