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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.92

-0.7%

Dec 31 4:00 PM EST

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To: Johnny Canuck who wrote (37006)	5/14/2002 11:47:01 AM
From: Johnny Canuck	Read Replies (1) of 69363

[madtrader] Tue May 14, 8:19am PDT QQQ Just a day trade here. QQQ is showing signs of weakness here as momentum dips. So I am going for some shorts. short QQQ. [madtrader] Tue May 14, 6:45am PDT QQQ Wow, 2 breakaway gaps in one week. Although yesterday's volume wasn't compelling, I am expecting today to make the difference. This should be the follow through day I am looking for to confirm the start of a new uptrend here. I am glad to see QQQ taking out last Wednesday's highs thus far, we are still stuck below February's lows still. So we do have work ahead. already long a bunch of calls. Register for our newsletter [madtrader] Mon May 13, 12:39pm PDT QQQ I am taking my longs off the table here. Turned out to be a good day. But the tape isn't showing it's hand yet. All we have here is an inside day. This last push to the upside is again with weaker momentum (intraday). That coupled with a stronger momentum on daily chart puts me right back into neutral territory. For those following Fibonacci levels, the intraday here we just had 10 minutes ago is exactly 62% retracement from Wednesday's high to Friday's lows. I would be more bullish if we can take out this key level, which is 31. sold QQQ

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