The Cubes (NASDAQ: QQQQ): 4:20 PM NYC time, August 24th: Just a quick market update to note the glaringly weak volume on last weeks snapback rally. Compare the most recent six weekly volume bars you see above. After reversing from 52-week highs on increased and above average volume six weeks ago, the market proceeded to sell off in massive volume for four straight weeks, then last week was finally able to muster the troops for a headline grabbing rally. But…
…No volume. Why should you care? Because volume is probably the most important indicator of the strength and it simply failed to show up last week. What’s the bottom line? Rally failure is likely. Cheers!
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