The QQQQ downtrend resistance alert
|The Stock Market Week - 3/28/2008|
|It was a mixed week for the major markets. For the week the Dow Jones Industrial Average dropped 144.92 points, or 1.17%. The Standard Poor's 500 Index dropped 14.29 points, or 1.07%, while the Nasdaq Composite climbed 3.07 points, or 0.14%. The QQQQ raised 0.93% for the week. |
The Materials sector was the strongest sector last week followed by the Energy sector. The Financial sector was the worst performing sector followed by the Consumer Discretionary sector.
The Basic Materials is the most overvalued sector followed by Industrial Goods sector, while the Rental Leasing Services, Metals Fabrication and Railroads are among the most overvalued industries.
Utilities is the most oversold sector followed by the Technology sector, while the Publishing - Periodicals, Dairy Products and Health Care Plans are among the most oversold industries.
|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. Usually oversold long-term technical indicators and the spreading fear in the stock market characterize the final wave down in the long-term trend. The analysts' outlook for economy remains gloomy and mass media keeps spreading the fearful headlines. Weekly technical indicators are neutral.
|QQQQ Short-term technical analysis:|
Price is near the falling channel resistance. The channel resistance is usually stronger when appears with overbought technical indicators. Daily Lane's Stochastic is overbought. The QQQQ has the Downtrend resistance alert. This is a warning alert that a short-term rally is weakening and the reversal may appear soon.
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