|
| US stocks had their worst week since January 2003, spurred by concern that share prices have climbed too high during a four-year rally. The market decline erased all of the year's gains. For the week, the Dow Jones Industrial Average dropped 533.38 points, or 4.22%. The Standard & Poor's 500 Index lost 64.02 points, or 4.41%, while the Nasdaq Composite fell 147.10 points, or 5.85%. |
|
| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | QQQQ |  |  |  | | |  |  | |
|
QQQQ Long-term perspective:
The QQQQ monthly uptrend that started in June 2006 had a five waves impulse structure. Fifth wave had formed the rising wedges pattern. The rising wedge support line is broken and the sharp decline confirms the trend reversal. The QQQQ has made a lower low closing on Friday at 42.48 - below the monthly support level of 42.52. All the above suggested that a new long term down trend has started on Feb. 27. The price is moving down toward the yearly channel support line that is currently around 39. |
|
| QQQQ - Trend |  |
|
|
QQQQ Short-term perspective:
QQQQ daily William's Percentage Range is already in the oversold area. W%R is considered as an earliest signal among other technical indicators. Other technical indicators will turn oversold soon to indicate an impending short-term pull back or consolidation. |
|
| QQQQ - Trend |  |
|
|
| Presented by www.thegreedytrader.com Research Group. |
|
