Consolidation in the averages finally broke today, but a few noticeable things are occurring. First, the S&P has not yet cleared resistance as the NASDAQ has, and second, we are looking at Fibonacci projection resistance just above us.
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Look in to Schwab – SCHW, nice clean wave count to the upside is in play.
Good call Mo! As requested we went through it on the Tuesday Webinar.
Hi Todd,
I’m a big believer in volume expansion to confirm breakouts and I am just not see it on the daily charts. When you look at daily OBV we have not increased sine late 2015. Any thoughts? Also, on my 1 minute charts OBV is higher but 5 minute is lower. If you use OBV do you have any time increment preference?
Hi Chet – thanks for the comment. I believe the importance of volume has been purposely disguised by the technological improvements as well a choose of trading vehicles. Options are a major driver of price movement and that volume is not accounted for on the charts. So volume will always be something to watch, it’s unfortunately not what it used to be.