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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (6119)	3/8/2005 8:39:22 AM
From: Walkingshadow	Read Replies (1) of 8752

Hi Reid, QQQQ is testing critical resistance once again, and the candlestick is indeed bullish with bullish technicals. The high of yesterday's session represents the most significant encroachment on the resistance zone since the high of mid-February. 139.142.147.218 OTOH, volume yesterday was unimpressive, and recent volume and MACD suggest the strength of the momentum here is modest. The candle, while certainly overall bullish, also has a shadow on top that formed from a gradual drift downward after QQQQ hit the high of the day ($38.29) just after noon. Futures markets presently indicate the markets will open down a bit, and QQQQ is trading down modestly in premarket, printing $38.00 with heavy size on the ask but not on the buy (200:1) as I write this. The resistance here is tremendous. I don't see evidence of accelerating momentum, so I am skeptical QQQQ can power higher from these levels, and there is already now suggestions that QQQQ will be turned away again. T

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