Hi Kevin,
Thanks very much.... I started posting something about that early this morning, but got pulled away suddenly in the middle of the post to stomp out brushfires, and never finished it.
QQQQ continues to hover on a wing and a prayer. Meanwhile, considerable pressure to correct has accumulated and built up, and the magnitude of the reaction might be more than modest....
stockcharts.com[h,a]daclyyay[dc][pb50!b200][vc60]&pref=G
Support levels below I place at:
Chart support: $38.00
Chart support: $37.00
200 sma: $36.75
20 sma (middle of BBs) $36.50
50 sma: $36.17
BBs are extremely expanded now, at 4.02
stockcharts.com[h,a]daclyyay[dc][pd20,2!b20][vc60][iLyb20,2.0]&pref=G
5 other times since the beginning of 2004 they have been this wide, and each time rapidly contracted again. In order for the BBs to contract, the top rail must be pulled down, and that can only happen with a correction, and a pretty significant one.
Needless to say, technicals are showing extreme overbought conditions.
139.142.147.218
Futures trading down a bit at the moment, oil is at about $51.
T |
