I'm actually still counting the QQQQ as an expanded flat, in which case hounding out of a bear flag is to be expected. It looks an awful lot like the chart in Prechter & Frost, on page 47, on a smaller scale.
I actually think a bullish case right now would have to rest on the assumption that last Friday's sell-off was really a non-event, among other assumptions. I think the volume last Friday was the tell that it's significant.
At the very minimum, if I'm one of 'da boyz', I've got to look at last Friday and think, "Wow, I can easily get these suckers to fork over shares at lower prices. I think I'll do that again." <g>
Here's a chart. It's maybe a bit too wiggly for this thread, but I'm just trying to illustrate my point a bit. 42.20 is my key area, based on some fib numbers. If we can hold above that, I'll turn bullish as hell.
stockcharts.com[g,a]gaolyyay[pc9!c50!i!f][vc60][ilb14!la12,26,9!lp21,13,8!lp13,8,5!lp8,5,3!ll14][J67270675,Y]&pref=G |
