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Technical whiz Corey Rosenbloom spots an important development in the GOOG chart.

Good technical summary of the SPX and indicators as to where we are headed.

The U.S. Dollar finished lower against a basket of currencies for the fifth straight day in sluggish trading. Contributing to the weakness were reports that U.S. Jobless Claims rose last week by the largest amount in five weeks and U.S. Retail Sales were down.

The following article is based on analysis from Robert Prechter’s Elliott Wave Theorist. For more insights from Robert Prechter, download the 75-page eBook Independent Investor eBook. It’s a compilation of some of the New York Times bestselling author’s writings that challenge conventional financial market assumptions.

Bullet Advice for Indian Stocks-U.S.Market Trend
DOW (9544.20) and NASDAQ (2028.77) closed 0.4% and 0.41% up respectively last week.

The problem plaguing the market heretofore has been two-fold: a lack of buyers on the retail side and deleveraging on the institutional side of the aisle. In an all-out liquidation market cycles, support levels and technical indicators are of little to no use until the panic subsides and a level-headed approach prevails.

I'll take advantage of the President's Holiday and review the S&P.

Figure 1 shows the 12-month swing (yearly trend). This is the controlling time frame at the moment...

Just a public shoutout and congratulations to everyone that recognized DGLY was a near-perfect/perfect chart setup that along with the very strong fundamentals made it a clear MONSTER STOCK. Now while we have two stocks that we have bought that were perfect when they started out, only one has remained perfect.

I am not for sure about that answer but I have to admit the charts overall still look like they are trying to make a bottom. But like I have continuously warned about: if volume does not come back into this market on the upside, we are in danger of reversing some decent base building and that will probably discourage a lot of market participants which could open the door to more selling.

I was impressed by today’s stock market session, especially when it came to leading stocks, tech stocks, and even more specifically semiconductor stocks. It was amazing to get a rally in such high-tech group of stocks. What made today’s rally even better was that volume increased on the Nasdaq and was above the 50 day volume average for the fifth time in the past few weeks.

I see nice round bases everywhere in EVERY long scan and CANSLIM scan that I run. Stocks like our HA long from 3/27/08 is already up 60% and MA from 8/2/06 is up almost 500% since then and now we have a lot of pretty green BOP filled charts starting to round out and complete bases.

It was another typical day that we have seen recently where not a lot gets accomplished and we pretty much just give back whatever happened the day before in the opposite direction. Still, I do believe, that today’s gains coming with higher volume is a positive overall.

Today was not that bad, overall, minus a few stocks that were completely earnings related. However, the fact that volume did in fact pick up is still none-the-less technically a distribution day. Still with volume well below the 50 day volume average, it sure is hard to get too bearish over a day like this.

This means that if these bases all complete their right side, we are going to have a powerful market rally with or without volume. I am stunned by how many nice charts there are now AFTER JUST ONE bullish week where leading stocks outperformed the rest.

I will try to get back here and right an intelligenct report on today’s stock market action. But it can basically can be summed up as “we are biding our time.” We are still simply waiting to see which direction volume is going to come in. If it is for the bulls, we are going to have a great time as we have a lot of very pretty charts now setting up.