thanks for your comments cnms - I really like how you classifed the success probabitities on ' thrusts, reversals, resumes, retracements, congestion / convergence / centering ' ... is there any material you've come accross lately on pure price action that you can recommend ? thanks.
here's your post: I wouldn't call tape reading price action -- IMHO thrusts, reversals, resumes, retracements, congestion / convergence / centering. is about price/volume action, not just tape reading...
Agreed the intermediate trend is up, but three lower highs in April signal some caution - If I were shorting I'd use April high as stop. Most troubling though is that the broader indexes look much healthier and if they go to new highs QQQQ will surely tag along.
============ SPY,DIA seems strong also, could pull Qs up ; however QQQQ diverges frequently/ like FRI, in shortys favor. Also YTD chart is in shortys favor,notable lack of higher highs; probably wouldnt short it myself there , but $41.44-41.24 seems likely. Also QQQQ has had trouble this year staying above 50 dma; & even if it chops above his entry price, likely trends lower later My comments are wisdom/probabilities, not predictions.