Ask Vendit Off-Topic Questions Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Ask Vendit Off-Topic Questions

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Gush who wrote (5579)	2/28/2005 7:43:09 PM
From: Vendit™	Read Replies (1) of 8752

QQQQ technical update. themarketwind.com What happen to the QQQQ today? Support at 37.44 did not hold so traders made a brief exit intra-day leaving non technical savvy traders dazed and confused. That is pretty simple. What’s in a candlestick? The candlestick that formed today is a hammer and since it was formed on a downtrend “could” be construed to mean a short term bottom was made today. Further evidence to support that would be the spike down to the mid-point on the Linear Regression Channel (the candle’s shadow) where buyers moved back into the QQQQ intra-day. The real body of the candlestick is on top of the full range of the candle and the daily action described above is what gives the candle its hammer shape and causes it to be a bullish bottom marker on a down trend. The power-candlestick located to the left of the current trading range holds the key to current support and resistance levels. Its top and bottom are short term support and resistance. They are as follows: First lower support is 36.93 Upper resistance is 37.85 Don’t forget those numbers because they are key support and resistance levels. Those numbers represent your failsafe hold point below and your break-out taking your wife out for a night on the town levels. Those are your Whine and Dine numbers.<g> Currently the other oscillators are in the buy zones but they failed today and we got NO FOLLOW THROUGH. How could that happen? Who cares? The market is telling us something and we need to listen. If you look at the chart that is linked above you can clearly see that Linear Regression shows a downtrend. Terry and I both have had repeated discussions about the correction that this market is in and had both commented that relief rallies will be brief. Today was evidence of that. Conflicting indicators and what to do. To summarize the chart above; we are in a down trending market that has short relief rallies. The setup from Friday was a Bull trap because support at 37.44 failed intra-day today. I made an intra-day post today about that support break down. The candlestick setup from today could suggest a relief rally tomorrow. Based on the lack of daily volume today I don’t see anything definite that shows me that would be the case. William’s %R is pointing down but in the buy zone at the same time which is a conflicting indicator. Long term stochastic shows a buy while short term stochastic shows a sell which are conflicting indicators. We know the trend is down based on Linear Regression so don’t try to tell the market what to do. Watch the market tomorrow since it is sending so many conflicting indicators. All you need to know are the Whine and Dine numbers listed above. Reid

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next