Posted by 7 July 2003

Blast Off!

Regardless of the reason(s), money continues to flood into the stock market. The NASDAQ led the way again today by breaking out above its June highs. The S&P 500 and Dow still have a (short) way to go to accomplish the same feat. For the day the NASDAQ was up 3.4% while the S&P 500 had a 1.9% gain.

Here are the charts:

The NASDAQ has quickly reached over-bought levels with the 7.5% run off of the July 1st low. As you can see, the potential double-top around 1,686 has been invalidated.

NASDAQ Daily Chart - July 7, 2003

Heres the chart of the S&P 500, which is a tad weaker than the NASDAQ. It needs to push through those June highs soon to keep the belief in this rally going.

S&P 500 Daily Chart - July 7, 2003

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Comments

  1. Posted by Duru on July 8, 2003 at 6:35 pm

    Is that a cup & handle on the Nazz?!?! Is it time to be unabashedly bullish tech!? >:-O

  2. Posted by Michael on July 8, 2003 at 6:38 pm

    Cup & Handle? Where? On what time-frame?

  3. Posted by Duru on July 8, 2003 at 11:14 pm

    That last little scoop formed since mid-June.

  4. Posted by Michael on July 9, 2003 at 11:06 am

    I don’t see it. A true cup & handle, per O’Neil, would span several weeks, if not months.