| QQQQ Trend Analysis - 7/28/2006 |
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| It was indeed a nice rally last week. It was the best weekly percentage gain for the S&P 500 since November 2004. For the week, the S&P 500 rose 3.08%. The QQQQ gained 3.95%. |
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Long-term perspective:
We think the monthly down trend that has broken long-term channel is not over yet, but might be close to a final stage. It should be followed by a mid-term rally, which could make a lower high to confirm a new long term down trend. |
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| QQQQ - Long-Term Trend |  |
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Short-term perspective:
QQQQ does not oversold daily any more. Monthly downtrend resistance level is 38.59 and support - 35.80. Meanwhile SPY and DIA daily Lane's stochastic are overbought and both are close to the short-term downtrend resistance level. With overbought indicators we don't expect SPY and DIA current rally will last for long. QQQQ has been the weakest index recently. |
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| QQQQ - Short-Term Trend |  |
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| Presented by www.thegreedytrader.com Research Group. |
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