Morning Report – February 18th, 2014

The push off of support at the 4000 level for the NASDAQ was accomplished with less than normal volume.

The top chart below is a weekly chart of the Composite, and it clearly shows a decline in volume from the prior week, the reversal week which contained much downside volume.  Therefore, we must look at the daily chart of the Composite to see the buying interest each day as the index pushed higher.  Only on Thursday of last week, the gap down day on the employment numbers, was the volume impressive. On Friday the volume dropped off dramatically although the Comp managed to hit a new intraday high. Read Full Report