Tue, Dec 2 2008, 05:23 GMT
by Mike Paulenoff
The Q's (NASDAQ: QQQQ) are pressing towards a 50% giveback of the prior 5-session upmove, at 27.25, which is the next significant support plateau beneath the 11/25 pullback low of 27.52. If 27.25 does not contain the selling pressure, then we should expect downside continuation that fills the gap area from 11/24 in the 27.00-26.65 target zone. However, the extreme oversold condition on a micro timeframe suggests strongly that an intervening rally could very well emerge that propels the Q's to 28.30/50 prior to another loop to the downside that fills the gap. Keep in mind that such a scenario --intervening rally and then another decline to fill the gap -- all could occur between now and tomorrow morning, after which my short-term pattern work argues for upside continuation into recovery high ground.
Published on Tue, Dec 2 2008, 05:26 GMT
AdviceTrade, Inc.
| 3007 Washington Blvd., Suite 220-C, Marina del Rey, CA 90292
http://www.mptrader.com/ | info@advicetrade.com
Why Non-Farm Payrolls Could Rebound in December by GFT (Global Forex Trading)
Thu, Jan 8 2009, 17:27 GMT
One year Outlook for JPY - Dollar/Yen moves in the second half of last year were a bit bigger than we had expected by Mizuho Corporate Bank
Thu, Jan 8 2009, 16:14 GMT
Daily Technical Strategist - EURUSD: Rejection Candle Triggers Recovery by FXTechstrategy
Thu, Jan 8 2009, 14:53 GMT
Daily Market Report - The Bank of England cut rates today by 50 basis points, to 1.50% by Wachovia
Thu, Jan 8 2009, 13:10 GMT
Currency Majors Technical Analysis by Mataf.net
Thu, Jan 8 2009, 12:41 GMT
eurusd, eurjpy, chfjpy, nasdaq, gbpusd, usdchf, stocks, gbpjpy, usdjpy
View AllCANADA STOCKS-TSX closes up 1.1 pct as golds shine
Thomson Financial News | Thu, Jan 8 2009, 22:48 GMT
US STOCKS-Market flat as stimulus hopes offset Wal-Mart
Thomson Financial News | Thu, Jan 8 2009, 16:42 GMT
S.Africa stocks slide, rand off 2-wk low vs dlr
Thomson Financial News | Thu, Jan 8 2009, 16:29 GMT
CURRENCIES: Sterling Up After Expected Bank Of England Rate Cut
Dow Jones | Thu, Jan 8 2009, 16:14 GMT
US STOCKS-Nasdaq turns up on Microsoft; but Wal-Mart off
Thomson Financial News | Thu, Jan 8 2009, 16:12 GMT
eurusd, eurjpy, chfjpy, nasdaq, gbpusd, usdchf, stocks, gbpjpy, usdjpy
View AllFXstreet.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]