Venture Volume Reversal In Advancing Issues – Mo

Venture Volume Reversal In Advancing Issues – More Evidence Of Major Market Shift

More evidence that the Venture is now in the early stages of a new bull market, albeit investors are being selective at this point…within a few months, we expect the “masses” to really start piling in which is why it’s so important in our view to be accumulating high quality situations now…volume is a key indicator and John’s 10-year monthly chart below shows a critical reversal to the upside in the monthly SMA(20) as it pertains to volume in advancing issues…this chart tells us the Venture will be climbing significantly higher in 2014…

CDNX 3-Year Updated Weekly Chart

Below is John’s updated 3-year weekly Venture chart…it would be reasonable to expect the RSI(14) to push into overbought territory before a period of consolidation sets in…the Index is underpinned by exceptionally strong support from the 970?s and up, so even any sudden near-term pullback would be modest…the turning point for this market came last October when it broke above a long-term downtrend line…next major chart resistance is 1150…