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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: Walkingshadow who wrote (3661)	1/9/2005 8:51:03 AM
From: Vendit™	Read Replies (1) \| Respond to of 8752

My analysis of the QQQQ is as follows: I drew the following custom chart of the QQQQ which shows convincing evidence that the QQQQ has formed a bottom and is making a turn and ready to move back to the upside. themarketwind.com Analyzing the trend line; On Friday we discussed the importance of the lower trend line holding. Look at Friday’s candlestick and even though a few trades went off below the lower trend line, the majority of the trades for the day were above it. Technically the trend-line held. Analyzing the Power Candlestick; It is important to note that the final trade of the day was at $38.55 which happens to be the lowest point of the “power candlestick” just to the left of Friday’s session. The upper and lower points of the power candlestick represent short term upper resistance and lower support. Lower support is $38.55. Analyzing the Bollinger Bands; Last Tuesday you see a long candlestick (the power candlestick) plunged well below the lower band. The following two sessions, Wednesday and Thursday, also traded beneath the lower band. Anytime trading occurs above or below the Bollinger bands the condition is extreme and abnormal as well as temporary. Note that Friday’s session (the doji) popped back inside of the bands (a return to normality). Analyzing the stochastic oscillator; the stochastic setting that I am using is a slow setting which is conservative. You can see that both stochastic lines have moved under the 20 on its scale which is well within the buy zone. It is also important to note that the fast line has already turned up and is ready to strike the slower line from beneath which will be an aggressive buy signal of the QQQQ. I predict that this will happed early in the session on Monday barring any earth shattering market related news. All of the above are Bullish technical occurrences through Friday’s close. The fact that this all happened with an increase in trading volume on Friday adds validity to the trend reversal’s reality. Reid