| QQQQ Trend Analysis - 11/24/2006 | |||||||||||||||||||||||||||
| It was a mixed week for the major markets. For the week, the Dow Jones Industrial Average gave back 62.39 points, or 0.51%. The Standard Poor"s 500 Index lost 0.25 points, or 0.02%, while the Nasdaq Composite climbed 14.40 points, or 0.59%. | |||||||||||||||||||||||||||
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| QQQQ Long-term perspective: QQQQ broke the long-term resistance area between 43.05 and 43.31, and closed on Friday at 44.30. We considered two long-term QQQQ scenarios correlated with S&P 500 long-term perspective. 1. If S&P 500 scenario #1 is in play, then QQQQ is forming double top pattern and move down to retest its July low - 35.54. 2. If S&P 500 scenario #2 unfolds, QQQQ has chances to break 43.05 - 43.31 and even reach long-term uptrend resistance area around 45-46. As scenario # 2 is in play for S&P 500, QQQQ has broken 43.31 resistance and is moving toward a long-term uptrend resistance area around 45-46 | |||||||||||||||||||||||||||
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| QQQQ Short-term perspective: QQQQ weekly uptrend has resistance at 44.76, daily and weekly technical indicators are strongly overbought and MACD has bearish divergence. QQQQ long-term uptrend resistance is around 45-46. | |||||||||||||||||||||||||||
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| Presented by www.thegreedytrader.com Research Group. | |||||||||||||||||||||||||||
Sunday, November 26, 2006
QQQQ Trend Analysis - 11/24/2006
