New 52-Week High for the NASDAQ
Today the NASDAQ finally closed over 2,000 and took out its November highs. This is the first close above 2,000 since January of 2002. It’s hard to argue with the price action in the indices. About the only thing that I don’t like is the fact that this NASDAQ high is on lighter volume than the previous highs. The NASDAQ’s On Balance Volume is still showing a bearish divergence.
The Dow and S&P 500 continued their walk up their rising upper Bollinger Bands. Neither of these indices are showing the same divergence in OBV. The market remains in melt-up mode, with very few sellers to be found. I’m still loath to …
tagged: Bollinger_Band_Walk, Fibonacci, new-fifty-two-week-highs and On-Balance-Volume-(OBV)
