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Strategies & Market Trends : Playing the QQQQ with Terry and friends. -- Ignore unavailable to you. Want to Upgrade?

To: J.K. who wrote (996)	6/24/2005 12:11:50 AM
From: Walkingshadow	Respond to of 4814

Nice chart of the $SOX, that's an important one. Intraday it was turned back from $447, and as you say, and formed a reversal candle that suggests a greater likelihood that the bottom rail of the now contracted BBs will get pushed open. Note the similarities between the chart now (relative to the BBs) and the situation the week of April 11: stockcharts.com[w,a]daclyyay[dc][pd20,2!a447!f][vc60][iUk12!Up14,3,3]&pref=G The weekly chart of QQQQ now has clear sell signals in place in OBV and Williams, with stochastics about to crossover and confirm: 139.142.147.218 Using the faster stochastic setting, the crossover already occurred almost 4 weeks ago just after OBV and Williams turned to the downside. 139.142.147.218 Notice that the faster stochastic has not produced many whipsaws in the past, particularly when the crossover is as well developed as it is now. Clearly short is the place to be with QQQQ now, and stochastic confirmation on the weekly chart is imminent. And we even have a "reason" for the talking heads to drivel on about. As I write this, light crude is testing final resistance at $60 before blue sky territory: futuresource.com T

To: J.K. who wrote (996)	6/24/2005 12:30:38 AM
From: Walkingshadow	Read Replies (1) \| Respond to of 4814

I think QQQQ will drop no lower than the midline of this regression channel. 139.142.147.218 I have thought for a long time that $36.50 was the first possible reversal point and posted about that several weeks ago, but I think the line in the sand is that midline, currently just above $36.00. IMHO, the reason that midline is so important is that it defines the medium-term correction, which ended at the end of April/beginning of May. So this represents the first pullback from the trend reversal to test support, and a successful test confirms the reversal and rules out a bull trap. We should be able to see the upside reversal develop in the technical indicators on the weekly chart; they are rather orderly and should signal in the following sequence: Williams, OBV, fast stochastic, slow stochastic, MACD. T