Post by DJF on Jun 7, 2004 20:29:26 GMT -5
Posted this on another board - mini-volume study of the QQQ's
"I have the QQQs breaking price resistance after a similiar upside break in the technicals (notably MACD).
stockcharts.com/def/servlet/Favorites.CServlet?obj=ID446477&cmd=show[s27397639]&disp=P
With respect to volume, one can look at the price ranges of the big volume spikes. The idea being if we are above the spike highs the market is bullish, below is bearish. For the QQQ's the heaviest volume spikes for the last 12 months were as follows (Date/High/Low/Volume)
May 12th 2004: $35.45 $34.27 197m
Jun 6th 2003: $31.47 $30.02 157m
May 10th 2004: $34.90 $34.42 157m
Apr 29th 2004: $36.34 $35.30 156m
Mar 11th 2004: $35.53 $34.80 153m
Apr 30th 2004: $35.80 $34.72 151m
May 17th 2004: $34.61 $34.11 150m
May 25th 2004: $36.08 $34.94 146m
Apr 2nd 2004: $37.16 $36.52 146m
Jan 29th 2004: $37.31 $36.66 144m
Mar 25th 2004: $35.46 $34.62 142m
May 19th 2004: $35.51 $34.63 141m
Only 1 of these dates was last year, and the majority of them fell in May 2004 (so much for the light volume). The highest price was $37.31 (we will call it resistance) and the lowest was $30.02 (we will call that support). With prices trading in the $37s we are much closer to breaking resistance than support, and if you want to rank resistance with respect to volume one could argue we are well above resistance (using $36.34 as resistance of days trading at least 150m).
I haven't looked at this with respect to the markets (NASDAQ, NASDAQ 100 or S&P) but there is probabably a similar picture."
DD as always,
DJF
"I have the QQQs breaking price resistance after a similiar upside break in the technicals (notably MACD).
stockcharts.com/def/servlet/Favorites.CServlet?obj=ID446477&cmd=show[s27397639]&disp=P
With respect to volume, one can look at the price ranges of the big volume spikes. The idea being if we are above the spike highs the market is bullish, below is bearish. For the QQQ's the heaviest volume spikes for the last 12 months were as follows (Date/High/Low/Volume)
May 12th 2004: $35.45 $34.27 197m
Jun 6th 2003: $31.47 $30.02 157m
May 10th 2004: $34.90 $34.42 157m
Apr 29th 2004: $36.34 $35.30 156m
Mar 11th 2004: $35.53 $34.80 153m
Apr 30th 2004: $35.80 $34.72 151m
May 17th 2004: $34.61 $34.11 150m
May 25th 2004: $36.08 $34.94 146m
Apr 2nd 2004: $37.16 $36.52 146m
Jan 29th 2004: $37.31 $36.66 144m
Mar 25th 2004: $35.46 $34.62 142m
May 19th 2004: $35.51 $34.63 141m
Only 1 of these dates was last year, and the majority of them fell in May 2004 (so much for the light volume). The highest price was $37.31 (we will call it resistance) and the lowest was $30.02 (we will call that support). With prices trading in the $37s we are much closer to breaking resistance than support, and if you want to rank resistance with respect to volume one could argue we are well above resistance (using $36.34 as resistance of days trading at least 150m).
I haven't looked at this with respect to the markets (NASDAQ, NASDAQ 100 or S&P) but there is probabably a similar picture."
DD as always,
DJF