| QQQQ Trend Analysis - 8/04/2006 |
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| S&P and Dow dropped at the beginning of the last week and then tried to rally again. They both closed out with small gain. Nasdaq was still the weakest index. QQQQ lost 0.43% last week. |
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| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Monthly | Quarterly | Yearly | | QQQQ |  |  |  |  |  |  |  | | SPY |  | | | | | | |
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Long-term perspective:
Monthly down trend that started on 1/11/2006 and has broken long-term channel support has a three waves structure so far. Wave 3 is near completion. It should be followed by a mid-term rally that might be already in progress, but monthly down trend might not be over yet and may unfold as a 5 waves structure. |
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| QQQQ - Long-Term Trend |  |
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Short-term perspective:
QQQQ monthly downtrend has a three waves structure. The monthly falling channel is presented on the picture below (blue lines). Wave 3 that started on 4/7/2006 at 43.05 is completed or almost completed. Now QQQQ is near weekly falling channel resistance line as you can find on the picture (black lines). We don't expect QQQQ to break resistance right now, as SPY and DIA are both overbought, so rally should at least pause for a while. It might be one more push down, but it will make QQQQ extremely oversold and pretty attractive considering that weekly Lane's stochastic is still in the oversold area. |
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| QQQQ - Short-Term Trend |  |
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