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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Gush who wrote (7574)	4/8/2005 2:07:31 PM
From: Walkingshadow	Read Replies (1) of 8752

Well, oil has been correcting, but even that doesn't seem to translate into buying momentum. At the moment we are entering the reversal period, so if QQQQ is going to make some kind of move, it's pretty much now or never. I see no evidence that QQQQ has enough momentum to charge past $37, and looks for all the world to be steadily weakening. We're looking at a down day, and if so the daily chart will show QQQQ getting turned back at $37 and change ($37.07 is the HOD so far), which is a level that coincides with chart resistance and resistance from the declining 50 sma (currently $37.13). And, if this plays out, the candle will end up black with a fairly long shadow on top, i.e. bearish. The intraday chart shows that QQQQ has failed at intraday moving average support from the declining 40 ema, and has re-tested that level twice and failed. 139.142.147.22 To me, all this suggests the beginning of further downside next week. (sorry... I added a bit in edits) T

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