HGSI In Action Ron Brown – June 16th
The NASDAQ Composite ended with another test for supply on lighter volume. The index closed in the top 25% of its daily range at 76.1% after trading most of the day lower. The daily low was not quite as low as Thursday’s low, but it was close enough to give the impression of a Tweezers bottom which tells us there is support under this market.
Accumulation remains strong, and both force indexes gained momentum to the upside. All indicators on Ian’s chart remain green, and the short term trend is clearly up. The internals on the NASDAQ Composite were flat with a very slight positive bias. Advancing volume was higher than declining volume which led to an Arms Index reading of .5771 which indicates strong buying in select issues. One of those stocks was INTC which was up sharply. Oil Exploration stocks led the way again, but semiconductor stocks were close behind. Casino and gaming stocks are emerging and solar stocks are gaining momentum with SPWR and GTAT being the two most in demand in solar related stock group.