2 replies to this topic

[SemiBizz]

My Volume Algorithm says this is going to be a light volume day unless we get some earth-shaking news. Today the boyz will use the light volume to pull off a light volume consolidation/pullback... Support1 SPX 1502 Support 2 1500 Support NAS 2561 Support 2 2555 After that is done and volume comes we're going topside. If I am wrong then the rally gets overextended today on light volume and we'll get a reaction to it....someday. Oh and one more thing, light volume accelerations can get out-of-hand easily... so we could see quite a spike. Resistance 1 SPX 1511 - Current Rally Resistance1524 Resistance 1 Nas 2581 - Current Rally Resistance 2619 Those are the two levels I expect to see tested in the days ahead.

Edited by SemiBizz, 07 May 2007 - 10:02 AM.

[qqqqtrdr]

It is difficult to figure what light volume is going to do. Is it consolidation or pullback before shooting higher or a prelude to a top. I'm seeing heavy divergence on NASDAQ Chaiken, RSI 14-day, Ult, and on McClellan. This shows weakness going forward IT. However, it is not a guarentee that we will not break higher. I just shows that their is weakness in the market. I have seen many cases where it can break higher, so I will cover my shorts if any of these negative divergences resolve to the upside. Barry

[SemiBizz]

No, it's not difficult to understand what light volume will do, prices snap back in the other direction after breaking a high volume pivot. Looks like there will be a feeble attempt to see if 2561 can be tested on this vapor now by the close to set up a bullish spring...