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Strategies & Market Trends : Playing the QQQQ with Terry and friends.
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To: J.K. who wrote (54)5/12/2005 1:23:47 PM
From: Walkingshadow  Read Replies (1) of 4814
 
I knew about that resistance, but the volume patterns strongly suggest that QQQQ now has enough momentum to make it at least part way through the various levels of overhead now.

Note also the shadows below those candles... the candles are very bullish.

139.142.147.218

Also look at the downsloping trendline across the peaks of the stochastic that has now been broken, a significant sign. There are similar signs in other technical indicators as well, e.g. OBV. And remember, the BBs are extremely contracted.

IMHO, it's just way too risky to short QQQQ now, although you could probably make a pretty good case for standing aside until the outcome of the battle with overhead is clarified.

I think QQQQ will make it past that, then probably consolidate and chop around for a while in the $36 to $37 range before proceeding higher.

T
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