|
| Last week we'd mentioned that the daily technical indicators are close to the oversold area and that may indicate an impending short-term consolidation and a pull back before the downtrend resumes. It was an up week for the major markets. For the week, the Dow Jones Industrial Average gained 162.22 points, or 1.34%. The Standard Poor's 500 Index gained 15.68 points, or 1.13%, while the Nasdaq Composite climbed 19.55 points, or 0.83%. |
|
| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | QQQQ |  | |  |  | |  |  | |
|
QQQQ Long-term perspective:
The QQQQ uptrend had formed the rising wedges termination pattern. The rising wedge support line is broken and the sharp decline confirmed the trend reversal. Waves structure and technical indicators 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 39.57. |
|
| QQQQ - Trend |  |
|
|
QQQQ Short-term perspective:
Market rebound from the oversold area. Short-term consolidation is in progress. QQQQ daily and weekly technical indicators are natural. |
|
| QQQQ - Trend |  |
|
|
| Presented by www.thegreedytrader.com Research Group. |
|
