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Still In Up Trend, Tho Topping (?) September 3, 2017

Posted by Tom in Thoughts.
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Sept. 1, 2017 – This is a “moving weekend” for me so the post will be short.

I’ve added a longer term trend line channel (purple); we remain in the channel having just “kissed” the lower level at 6216.  Volume Flow and Market Sentiment indicators have turned up and are bullish.  Now the NASDAQ Composite Index is approaching the previous high at 6460.  This level must now be considered a resistance point for any further movement higher.

I’ve relabeled the key Wyckoff points just as a precaution for a Distribution pattern.  This last push back to old price levels was on below average volume.  Caused by the holiday weekend & vacations or minimal buyers?  We won’t know until the coming week.  I note that September has been a traditionally weak month for the markets, but that’s all in the past.

I’ve added a few positions in Technology, BioTech & Metals and Mining sectors, and added back a small position in the NASDAQ 1000 Index.  If we penetrate resistance with average to above average volume I’ll add to these.   Here’s a quick look at Sector Strength:

Have a good week.   ………….  Tom  …………

Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.

 

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