| It was an up week for the major markets. For the week, the Dow Jones Industrial Average rose 160.83 points, or 1.19%. The Standard Poor's 500 Index gained 20.61 points, or 1.36%. The S&P traded as high as 1,540.56 and advanced toward its record trading high of 1,552.87 set in March 2000. The Nasdaq Composite was the biggest gainer among the major indicators and rose 56.73 points, or 2.22%. |
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| Oscillators | Trend Analysis | Candle | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | sticks | | QQQQ |  |  |  |  | |  | |  | |
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QQQQ Long-term perspective:
Our long-term perspective has not changed. The QQQQ monthly uptrend that started in June 2006 is not over yet. The fifth wave is still in progress and near completion. The QQQQ is near the long-term channel resistance. The uptrend should be close to the top as the price is near the resistance line. Weekly Lane's Stochastic and William's Percentage Range are strongly overbought. The QQQQ is near the long-term trend resistance line. |
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| QQQQ - Trend |  |
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QQQQ Short-term perspective:
The QQQQ daily William's Percentage Range is overbought. MACD and Lane's Stochastic both have bearish divergence. Bearish divergence indicates that up trend is slowing down. Last week QQQQ chart had the Bearish Evening Star candlestick pattern. This is a major top reversal pattern. The reliability of this pattern is very high. Price is near the weekly trend resistance line (48.06). |
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| QQQQ - Trend |  |
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