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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (966)7/5/1999 10:45:00 PM
From: Smooth Drive  Read Replies (2) | Respond to of 2103
 
Hello Seer,

Hope you had a pleasant 4th with family and friends. On 6/30/99 QQQ hit a high of 119.88. That's its high to date. Current P&F chart and bullish percent chart as follows:

118                                         X
116                                         X
114                             X           X
112                         X   X O X       X 
110                         4 O X O 5 O     X
108                         X O X O X O X   X     
106         X           X   X O X O X O 6 O X
104     X   X O         X O X O X O   O X O X
102     X O X O X   X   X O X O X *   O X O
100 X   X O X 2 X O X O X O X O X   * O X *    
99  X O X O X O X O X O X O X O X     O X   * < BRSL
98  X O X O X O X O X O X O X O       O *
97  X O X O   O   O X O X O               *
96  X O X *       O X O X *                 * < BRSL
95  X O X   *     O X 3 X   * 
94  X O X     *   O   O       * < BRSL
93  1 O X       *   +           *
92  X O           *               *
91  X           +   *               *
90  X         +       * < BRSL        +
89  X       +           *           +   *
88  X     +               *       +       *
87  X   +                   *   +           *
86  X +                       +
85  X                       +   *
84  X                     +       *
83  X                   +           *
82  X                 +               *

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

QQQ's chart is long term bullish (trading above the active BLSL which is down at 82)and short term bullish (from the double top buy signal at 110) Its bullish price objective is 128.

It looks a bit extended here Seer. What do you think's going to happen in the short term? And why? (I enjoy your comments and respect your experience.)

QQQ BULLISH PERCENT CHART

The grand ole P&F Sicilian Master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 

74             X       7
72             X O     X
70 X           X O     X
68 X O     X   X O     X
66 X O     X O X O X   X
64   O     X O X O X O X
62   O X   X O X O X O X
60   O X O X O X O X O X
58   O X O X 5   O X O X
56   O X O X     O X O X
54   O X O X     O X O X
52   O X O X     O X O X
50   O X O X     O X O
48   O X O X     O X
46   O X O X     O X
44   O X O X     6
42   O X O X
40   O   O

This Bullish % chart is in Bull Confirmed risk status.

BULLISH PERCENT RISK STATUS DEFINITIONS:

BULL CONFIRMED: Occurs when a column of X's moves above the previous column of X's.

BULL CORRECTION: Occurs when a column of X's in Bull Confirmed risk status reverses down to a column of O's and 1) does not move below the previous column of O's, or 2) reverses down from above the 70% level but does not move to the 68% level or lower.

BULL ALERT: Occurs when a column of O's in Bear Confirmed risk status drops to the 30% level or lower, and then reverses up to a column of X's and does not move above the previous column of X's.

BEAR CONFIRMED: Occurs when a column of O's moves below the previous column of O's.

BEAR CORRECTION: Occurs when a column of O's in a Bear Confirmed risk status reverses up to a column of X's, and does not move above the previous column of X's.

BEAR ALERT: Occurs when a column of X's in Bull Confirmed risk status moves to the 70% level or higher, and then reverses down to a column of O's that drop to the 68% level or lower, and does not move below the previous column of O's.

NOTE: The above is just for grins and chart discussions. No recommendations of any kind are being made or suggested. Everyone needs to do their own DD or seek professional help when making investment decisions.

Take care,

Eric





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