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Strategies & Market Trends : Playing the QQQQ with Terry and friends.
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To: Don Green who wrote (4785)5/21/2009 11:59:22 PM
From: Walkingshadow   of 4814
 
Here's the current chart on QQQQ. My take on this chart is:

1. QQQQ broke the trendline 11 sessions ago, and thereafter things began to unravel steadily.

2. Support at the 200 sma was tested, held for a few sessions, broke, then the index rebounded thru that again. The 200 sma support held today.

3. Support at the 20 sma (midline of the BBs) similarly held, broke, held again, and broke today.

4. Relative strength is declining.

5. Stochastics showing new sell signal now.

6. BBs are contracted now and becoming unstable. This is the most contracted the BBs have been since last summer. The index must push against one of the rails to relieve this contraction.

I think the index will push the lower BB open. That would be most consistent with the general technical weakening that has been steadily developing.

There has been a crossover of the 10sma/21sma of the put/call from extremely low levels. That's consistent with continued downtrend here also.

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