| The Stock Market Week - 3/21/2008 | ||
| It was an up week for the major markets. For the week the Dow Jones Industrial Average gained 410.23 points, or 3.43%. The Standard Poor's 500 Index gained 41.37 points, or 3.21%, while the Nasdaq Composite gained 45.62 points, or 2.06%. The QQQQ raised 1.99% for the week. The Financial sector was the strongest sector after the Federal Reserve interest rates cut last week. The Materials sector was the worst performing sector of the week followed by the Energy sector. | ||
| Nasdaq 100 Trust Shares (QQQQ) Trend Analysis | ||
| QQQQ Long-term technical analysis: The QQQQ is in the final stage of the first long-term wave down that started on October 31 2007. The wave is forming the five waves structure and the final fifth sub wave might be in progress now. Usually the final wave down in the long-term trend characterized by oversold long-term technical indicators and the spreading fear in the stock market. Weekly William's Percentage Range (W%R) and Lane's Stochastic (%D-Slow) are oversold. The analysts' outlook for economy is gloomy and mass media spreads the fearful headlines. The fear forces investors to sell falling stocks near the market bottom. The next wave down may occur during the summer and fall of 2008 and take the market much lower. | ||
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| QQQQ Short-term technical analysis: ADaily technical indicators are neutral. The QQQQ current price 43.09 is near the falling channel resistance line (43.5 - 44.5). If resistance holds, the QQQQ may retest the recent low at 41.17. | ||
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| Presented by www.thegreedytrader.com Research Group. | ||
Sunday, March 23, 2008
The QQQQ is near the falling channel resistance line
