| QQQQ Trend Analysis - 7/21/2006 |
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| Market indeed had a short-term rally as we suggested last week. In three days QQQQ gained 2.5% and then dropped back finishing the week with a 0.67% loss. DIA and SPY managed to close the week with a fractional gain. |
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Long-term perspective:
We think the monthly down trend that has broken long-term channel is not over yet, but might be close to a final stage. It should be followed by a mid-term rally, which could make a lower high to confirm a new long term down trend. |
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| QQQQ - Long-Term Trend |
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Short-term perspective:
The last week rally was too short to reset technical indicators. QQQQ is still oversold in daily and weekly time frames and has the 'Downtrend Exhaustion' alert once again, while DIA and SPY are still far from oversold. QQQQ monthly downtrend support line is broken. The next support level for QQQQ is 34.35. |
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| QQQQ - Short-Term Trend |  |
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| Presented by www.thegreedytrader.com Research Group. |
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