NeckWringingChickenDude, you gotta translate...
<< ITVHOoTFC
is that chicken talk or something? Translate for me (assuming you don't violate the terms and conditions of course). <gggg>
Anyhow....
I'd say today's candle is decidedly bearish, since it has a tall shadow on top and occurs in a region of strong resistance from several sources, and because it occurs after a relief rally within a medium-term correction.
Also, BBs are contracted. The BB width is the second lowest in 6 months, and the third lowest over the last year. This can only be resolved by QQQQ pushing on the upper rail, or trading down (but not necessarily pushing on the bottom rail):
stockcharts.com[w,a]daclyyay[dc][pd20,2!b50][vc60][iLyb20,2.0]&pref=G
It is possible the BB contraction could be resolved by QQQQ pushing up on the upper rail, but I think this is unlikely because:
1. QQQQ has rallied into a region of resistance from several sources (chart, 50 sma, upper BB rail, power candles).
2. QQQQ has been in a short-term relief rally for about two weeks now within the context of a medium-term correction.
3. QQQQ is starting to get into overbought territory, and Williams is starting to hook downwards now:
139.142.147.218
4. Market internals: Volatilities are stabilizing at lows, and options expiry is this Friday, so I think we can expect higher volatility, which will pressure prices down.
stockcharts.com[w,a]daclyyay[db][pb10!b20][vc60][iLp14,3,3!Lp14,3,5]&pref=G
Note the last two candles on this chart:
stockcharts.com[w,a]daclyyay[dc][pb10!b20][vc60][iLp14,3,3!Lp14,3,5]&pref=G
$TICK is dropping from a high recorded yesterday. Nasdaq $TICK is falling as well, but not from as high levels as the NYSE $TICK.
The $TRINs are at relative low points.
Note two things on that chart you sent me: the stochastics, and that big volume spike at 11am. That volume just adds fuel to the pool of similar volume that has accumulated, and that QQQQ has not reacted to yet.
139.142.147.22
On the other hand, the supportive volume is accumulating nicely now as well, and that suggests this medium term correction will not be prolonged.
<< I'll come wring your neck...lol. <VDS> >>
Tha's hokay, periodic neck wringings help keep me more or less oriented to reality.
And WTF is "VDS" ??
Hey, how many chicken necks did you wring today?
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