Thu, Oct 9 2008, 07:19 GMT
by Mike Paulenoff
In a few of my recent updates in the Q's (NASDAQ: QQQQ), I mentioned an optimal next trading target zone of 33.00 to 31.50. With this morning's low at 31.35, I am on alert, watching the pattern development off of the new low in an effort to determine if the Q's are a high confidence buy (yet). With that in mind, let's notice the near-term declining tops line off of yesterday's mid-session peak prior to the last hour plunge. Every rally peak has failed at a price lower than the prior rally, which is a warning signal that the Q's have to do more work off of the 31.35 low before a sustainable recovery rally period emerges. In any case, to get anything going on the upside, the Q's must hurdle 33.90 to take out the prior rally peak AND the declining tops line.
Published on Thu, Oct 9 2008, 07:20 GMT
AdviceTrade, Inc.
| 3007 Washington Blvd., Suite 220-C, Marina del Rey, CA 90292
http://www.mptrader.com/ | info@advicetrade.com
Today's Technical Trading Points - Monthly Performance - November 2008 by Danske Bank A/S
Tue, Dec 2 2008, 11:01 GMT
Today's Technical Trading Points by Danske Bank A/S
Tue, Dec 2 2008, 08:39 GMT
Index Recommended Levels - Index Recommended Levels by FXtechtrade
Tue, Dec 2 2008, 08:12 GMT
Technical Trader Closing Brief - One of the Weakest Days I've Ever Seen! by The Technical Trader
Tue, Dec 2 2008, 07:21 GMT
The Mid-Day Minute - Q's Pressing Towards 50% Retracement of Upmove by MPTrader.com
Tue, Dec 2 2008, 05:23 GMT
BRIEF-NASDAQ ceo sees markets turning by end-2009, recovery by mid-2010
Thomson Financial News | Tue, Dec 2 2008, 16:16 GMT
US STOCKS-Nasdaq slips on Intel; S&P 500, Dow flat
Thomson Financial News | Thu, Nov 13 2008, 16:32 GMT
US STOCKS-Wall St turns down, Nasdaq hits new year low
Thomson Financial News | Thu, Nov 13 2008, 15:24 GMT
Short Stocks: Bets build against Morgan Stanley, Alcoa
Thomson Financial News | Wed, Nov 12 2008, 00:59 GMT
UPDATE 1-NYSE, Nasdaq short interest continue to drop
Thomson Financial News | Wed, Nov 12 2008, 00:22 GMT
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]