Actually, to me your chart suggests that the QQQs (like the Nasdaq, NDX, and leading
sector indices) are still short of being oversold, much less "very" so - your %R and
Stochastics, ferinstance, haven't even penetrated the lower line.
Good analysis KF...
I'm not expecting a turnaround by a long shot... Just a technical bounce to lure some money off the sidelines for another pounding... Williams %R and Stochastics are near a bottom... CCI is at a bottom where technical bounces have occurred in the past... Accumulation/Distribution and MoneyFlow are slightly positive suggesting money coming in around the 40 area...
stockcharts.com[m,a]daclyymy[pc13!d20,2!i!a39][vc60][iLc20!La12,26,9!Lw25!Lk14!Lf!Ld20!Lg!Lp14,3,3]
I still think we'll see a return to the April lows as the magnitude of the layoffs starts swelling the unemployment numbers and tightens wallets and purses... But, the nature of a Bear market is to present hope and then dash it... Perhaps the next false rally will give the impetus for a final Bear capitulation...
Jim |
