Been looking over charts tonight. As you know I forecast back in June that we'd have a strong rally. A rally that would basically wipe out most of the bears. I believe that rally has either come to an end today or will come to an end shortly and a strong and long retracement will begin. Now should the Operators be able to somehow turn this negative stock environment that developed this afternoon for Opex, it wouldn't be the first time. Right now we need to look for weakness tomorrow. I think once this trend kicks in, and that's either today or July 27th in all probability we're going to see a lot of down days for awhile. Now, whether or not we can get 5 down days in a row and have a downtrend kick in is still to be determined. It's been almost 2 years since the last one in October of 2005. For my tastes, this market is too bulled up. I was bullish in June back in the 2500s on Nasdaq... I am starting to get bearish now based on what these charts and volumes are showing me....
I posted a chart of the QQQQ here as just one example of how volume has declined in this parabolic move. Now in the very short term we show some strength in the local zone last few days higher volume, but overall volume is lagging, given the huge price increase
