The S&P 500 Trust Series ETF (SPY) volume was very good, with over 156 million shares traded.
Must Read: 12 Stocks Warren Buffett Loves in 2014
The DJIA closed up 63.19 points to finish at 17,596.34 while the S&P 500 was up 9.19 points to close at 2,035.33. The Nasdaq was higher by 24.14 to finish at 4,708.16 and the Russell 2000 was up 5.09 to close at 1,166.96.
For the week, the indices continue to be on the downside. This simply means that, for now, the indexes are making lower highs. It seems that a market correction is in the early stages and more downside is likely ahead over the coming weeks.
One of the technical indicators that I like to use is a proprietary algorithm. This indicator allows for the signaling of extreme overbought and oversold stocks and indexes. When used on a weekly time frame, the indicator very accurately is able to predict trend changes in the intermediate time frame, three months or longer. On a daily time frame, that same indicator is able to signal those stocks that are overbought and oversold for trading purposes. When used in conjunction with familiar indicators such as the MACD, it appears a very powerful technical process is in force.
As of Thursday, the weekly indexes are coming off of an overbought condition and seem to be heading down based on those same technical indicators mentioned.