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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Walkingshadow who wrote (6404)	3/13/2005 10:41:29 AM
From: Vendit™	Read Replies (3) of 8752

QQQQ Analysis moving into week of March 13, 2005 Last week I talked about the wedge that had formed and I predicted a hard move break-out of this wedge formation up or down to occur Tuesday or Wednesday of last week. The wedge was broken to the upside on Monday and then to the downside on both Thursday and Friday as you can see in the Fork chart linked below. themarketwind.com I used Gersh’s Fork tool this week to show us how the recent up-trend has lost its upper bias and based on the lower oscillator stochastic, the QQQQ trading range will now seek a lower support level over the coming week. Referring back to the above chart you can see that I’ve drawn red lines under the next two lower support levels that the Q’s will hit. The first lower target is 36.76 and if that level is breached the next lower support target is 36.46. Based on the position of the stochastic lines I expect both lower support targets to get hit during the coming week. Based on the 15-minute chart, Monday will likely start out with bottom fishers pushing the Q’s up before the sell-off continues on Tuesday. 15-minute chart: 139.142.147.22 Reid

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