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| All the major US indices were negative. For the week, the Dow Jones Industrial Average dropped 585.61 points, or 4.23%. The Standard & Poor's 500 Index lost 75.15 points, or 4.90%, while the Nasdaq Composite dropped 125.36 points, or 4.66%. |
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| Oscillators | Trend Analysis | | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | QQQQ |  |  |  |  |  |  |  | |
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QQQQ Long-term perspective:
Last week the stock market had the biggest weekly losses in five years. This significant event may mark the end of the long-term five years old bull market and a start of a new long-term down trend. The long-term uptrend that started in 2002 has three waves stricture that forms the rising channel. Recently the QQQQ tasted the channel resistance line. |
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| QQQQ - Long-Term Trend |  |
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| The third wave of the long-term uptrend started in June 2006 and it has the rising channel structure very similar to the long-term. This medium-term trend has the three wave structure as well. |
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| QQQQ - Medium-Term Trend |  |
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| Finally the third wave is the short-term trend that started in March 2007 and it has the three waves structure that form the rising cannel. The QQQQ price reached the triple resistance level on all three long, medium and short-ternm time frames. In long-term we expect price moving down toward the long-term channel support. The weekly Lane's Stochastic is still in overbought area. |
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QQQQ Short-term perspective:
Short-term resistance is broken and daily technical indicators are neutral, but might soon enter the oversold area. It makes the short-term rally possible, but weekly downtrend could continue until the end of October. |
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| QQQQ - Short-Term Trend |  |
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| Presented by www.thegreedytrader.com Research Group. |
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