QQQQ charts
Plugged the templates to QQQQ, indeed, the NASDAQ doesn't look too good. Looks like a bull trap last week, there is a negative divergence on the daily.
If NASDAQ won't be able to pass $46.62 (daily close), it will falls to $45s next week.
On the NASDAQ weekly chart, there was a volume change one week ago, the yellow candlestock, the price was already at the upper band, looks like it is going to pull toward inside the band next week. 
On the weekly, if breaks 46.30 will break the uptrend channel:
On the daily chart, volume change indicator happened two days ago, after the spike (buying climax), followed by a SELl signal, then a break of the uptrend channel:
Divergence on the daily chart, breaks $45.95, looking for $45.20.
14 comments:
Highest volume in the last year and bearish :(
I think they will try to tag 46.85 to 46.90 area before coming down(day trading).
I also think that market could churn for 3-4 days before 3-5% correction.
In presence of commercials being long a major correction has never happened.
Good work on QQQQ.
Farooq
Bought 40 QQQQ June $47 puts at 0.73-75. I'll close 20 puts before the closing bell, hold 20 puts overnight.
I think it is heading to lower $46.40 (first support) and then 46.27 (last support) before the inevitable tank.
http://charts.dacharts.com/2007-05-29/smallka72.png
$46.65 would be a hard resistence. If it cannot pass $46.65, hold the puts overnight.
http://charts.dacharts.com/2007-05-29/smallka73.png
http://charts.dacharts.com/2007-05-29/smallka74.png
http://charts.dacharts.com/2007-05-29/smallka75.png
Good profit so far. up .15c. When did you put that trade on? Your postings time seems to be off an hour or so from where I am [EST time zn]
I hold much longer on puts or calls than buying/shorting QQQQ. The puts were bought around 10:00 AM:
http://tinypic.com/fullsize.php?pic=4pdqpw7
I see they're trying to push QQQQ to $46.64 area.
http://charts.dacharts.com/2007-05-29/smallka76.png
$46.64, here it is.. amazing.
http://charts.dacharts.com/2007-05-29/smallka77.png
farooq, you're quite right, they might run it to 46.80s again. The TA indicators are only at the half of the way on the 30 minutes chart, so it is not overbought yet.
http://charts.dacharts.com/2007-05-29/smallka78.png
Here it goes 46.64 turned to support.
http://charts.dacharts.com/2007-05-29/smallka82.png
Looking $46.81-46.84 for exit.
http://charts.dacharts.com/2007-05-29/smallka82.png
http://charts.dacharts.com/2007-05-29/smallka83.png
$46.82, isn't the market running some sort of predictable pattern? amazing:
http://charts.dacharts.com/2007-05-29/smallka86.png
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