|It was an up week for the major markets. For the week, the Dow Jones Industrial Average climbed 57.63 points, or 0.44%. The Standard Poor's 500 Index gained 20.58 points, or 1.44%, while the Nasdaq Composite gained 33.64 points, or 1.34%. |
|QQQQ Long-term perspective:|
The long-term five years old bull market could be over and a new long-term down trend just started. In long term we expect price moving down toward the long-term channel support.
|QQQQ - Long-Term Trend|
|QQQQ Short-term perspective:|
Short-term channel support line is broken. After reaching the midterm support line earlier last week the QQQQ had a short-term rally and then turned down to retest the support line again. Daily W%R indicator is oversold. The QQQQ has a chance to break the midterm channel support line, but volatility is high and sharp decline may be followed by short-term rally. Weekly downtrend could continue until the end of October.
|QQQQ - Medium-Term Trend|
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