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In our previous market comments on September 7th we suggested that QQQQ was near the channel support line, and if support holds the QQQQ will rise toward the daily channel resistance around 51. Since then the QQQQ had risen from 48.23 on to 51.58 on Thursday.
It was an up week for the major markets. For the week, the Dow Jones Industrial Average climbed 75.44 points, or 0.55%. The Standard Poor's 500 Index climbed 1.00 points, or 0.07%, while the Nasdaq Composite gained 30.28 points, or 1.13%. |
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| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | QQQQ |  |  |  |  |  |  | | |
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QQQQ Long-term perspective:
The QQQQ has broken the long-term rising channel resistance. Weekly William's Percentage Range (W%R) is strongly overbought and weekly Lane's Stochastic is overbought. Weekly Lane's Stochastic has bearish divergence. Long-term waves structure is forming an A-B-C zigzag where A wave is almost equal C wave. |
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| QQQQ - Long-Term Trend |  |
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QQQQ Short-term perspective:
Daily Relative Strength Index (RSI) is overbought. Daily MACD and Lane's Stochastic both have bearish divergence. The risk is high that stock market is ready to turn down soon. |
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| QQQQ - Medium-Term Trend |  |
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