|
| Last week just as we had expected, the major US indices retested the broken weekly support line, so it was an up week for the major markets. For the week, the Dow Jones Industrial Average rose 215.09 points, or 1.60%. The Standard & Poor's 500 Index gained 25.24 points, or 1.67%, while the Nasdaq Composite gained 53.17 rose, or 2.07%. |
|
| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | QQQQ |  |  |  |  | |  | | |
|
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 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 William's Percentage Range is strongly overbought and Lane's Stochastic is overbought. The QQQQ is near the long-term trend resistance line. For the long-term we keep bearish perspective. |
|
| QQQQ - Trend |  |
|
|
QQQQ Short-term perspective:
The QQQQ daily William's Percentage Range is overbought. and Lane's Stochastic has bearish divergence. The QQQQ price is now within the weekly rising channel (47.12 √ 48.5). Almost 10% of S&P 500 members had the Bearish Deliberation candlestick patterns on Friday. The Bearish Deliberation candlestick pattern is a trend reversal pattern with moderate reliability that shows a weakening upward trend. This pattern is most significant after long rallies. |
|
| QQQQ - Trend |  |
|
|
| Presented by www.thegreedytrader.com Research Group. |
|
