Here is a 15 minute bar chart of Google.
GOOG has rallied nicely from the 338 low which occurred after Google's CFO had his little conference call with the analysts. I am especially impressed by the series of volume spikes that occurred on wide range up bars. This indicates to me that buyers were willing to be agressive in the face of apparently bad news. People who buy under such conditions are not likely to sell anytime soon so this strengthens the market's technical position.
Today we saw the first modest volume spike on a wide range down bar. This is late confirmation that the market is reacting from today's high at 387. I am still very bullish on GOOG and on the market in general so I think this reaction will probably stop near 370. From there GOOG should move above 400.
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