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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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From: Vendit™	1/17/2005 3:08:26 PM
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My analysis of the QQQQ dated 1/17/2005 is as follows: I drew the following custom chart of the QQQQ which shows that the QQQQ has is under a period of consolidation after falling through the six month trend line on Tuesday of last week and testing next lower support at $38.00. themarketwind.com Analyzing the trend line; On Tuesday of last week the lower six month trend line was breached to the downside and that allowed the QQQQ to move lower and test support at 38.00. I mis-drew the trend-line just a tad so the chart timing is off in the link below so you will have to trust me on the date. <g> Analyzing the Power Candlestick; Since the trading range has dropped below the lowest point of the power candlestick ($38.55), that now makes firm over head resistance located at $38.55. Analyzing the Bollinger Bands; Last Thursday’s trading range formed a hugely bearish engulfing candlestick which pushed the lower Bollinger band. Friday’s trading range has a higher low than Thursday’s and formed a “open white and mildly bullish” candlestick on Friday. This stick is trading well within the bands and hints that a follow through move slightly higher on Monday is likely after the open. Analyzing the stochastic oscillator; The stochastic oscillator is sliding sideways to moderately up in the buy zone on its scale. This position of its lines when compared with the MACD oscillator which is still heading down suggest a weak trend and more consolidation is needed before enough momentum can be gather to make the Qs pop back up and over the upper trend line. Look for more sideways movement this week with short relief rallies. Analyzing the Volume; The trading volume is waning which agrees with the general weakness that we saw last week over-all. All of the above are mildly Bullish technical occurrences through Friday’s close. The fact that this all happened with decreasing trading volume adds credence that the QQQQ will continue to consolidate over the next week. Reid

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