| The Stock Market Week - 2/29/2008 |
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All the major US indices were negative. For the week the Dow Jones Industrial Average gave back 114.63 points, or 0.93%. The Standard Poor's 500 Index dropped 22.48 points, or 1.66%, while the Nasdaq Composite dropped 31.87 points, or 1.38.
All sectors, except Energy, were negative this week while Financial sector was the worst performing sector of the week. The Energy remains the strongest sector for four weeks in a row. The Basic Materials is the most overvalued sector while the Utilities is the most oversold sector. |
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| Nasdaq 100 Trust Shares (QQQQ) Trend Analysis - 2/29/2008 |
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| The QQQQ had four-day rally at the beginning of the week, but lost 1.17 points, or more than 2.65%, on Friday - one of the worst days of 2008 so far. For the week the QQQQ gave back 1.67%. |
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QQQQ Long-term technical analysis:
Our long-term perspective has not changed. The QQQQ has turned down on October 31 2007 from the long-term rising channel resistance. The long-term uptrend is completed, and a first wave of a new long-term downtrend is in progress. Weekly William's Percentage Range (W%R) is oversold. |
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| QQQQ - Long-Term Trend |  |
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QQQQ Short-term technical analysis:
The current down trend started on October 31 2007 at 55.07. A third sub wave was completed on Tuesday, Jan.23 when QQQQ has reached a long-term support area at 41.61. A fourth sub wave is in progress now and forming a symmetric triangle pattern.
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| QQQQ - Mid-Term Trend |  |
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| As we have suggested last week, the Dragonfly Doji candlestick has marked the short-term trend reversal. The QQQQ has rallied from the symmetric triangle support line at 42.60 on 2/22/2008 to the resistance line at 44.53 on 2/28/2008. Then QQQQ price dropped sharply and closed on Friday near the support level once again. The mid-term downtrend resistance is near 45.5-46, while support is below 40. |
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| QQQQ - Short-Term Trend |  |
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| Presented by www.thegreedytrader.com Research Group. |
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