| QQQQ Trend Analysis - 9/15/2006 |
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| During the week the QQQQ gained 3.6%. DIA, SPY and QQQQ are now in overbought territory on daily and weekly time frames with health care as the most overbought sector. The advance in stocks coincides with a slide in oil prices, as crude futures reached the lowest level since March. The Energy Select Sector SPDR Fund (XLE) is strongly oversold daily and weekly. |
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| Oscillators | Candle | | Symbol | Daily | Weekly | Daily | Weekly | Monthly | Quarterly | Yearly | sticks | | QQQQ |  |  |  |  |  |  | |  |
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Long-term perspective:
We have considered two possible long-term scenarios. The current wave up that started on 7/18/2006 appears pretty strong and broke the long-term downtrend resistance. It does not look like a corrective wave 4 of down trend, and we consider that scenario #2 is in play. Current up wave is the first sub wave of a new long-term uptrend. That sub wave is almost complete. We expect market turn down for the correction that will take around a month. Then the market will resume up move into the year's end. |
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| QQQQ - Long-Term Trend |  |
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Short-term perspective:
All three major indices overbought on daily and weekly time frames. QQQQ is close to resistance and formed a bearish Advance Block candlestick pattern. We expect the current up trend to stop soon, and QQQQ to turn down. |
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| QQQQ - Short-Term Trend |  |
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| Presented by www.thegreedytrader.com Research Group. |
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