Nasdaq has reached the top of its downtrend line. Next week will be critical. If it breaks 1365, it will be the start of an uptrend and trigger the long position for QQQ. If it starts sliding to 1280, take a short position. Good Luck
don't mean to be a d!ck about this, but what will you do if it breaks 1365 and reverses back down? is that still the start of an uptrend? and what the hell do you mean by "starts sliding to 1280..." ???
Friendly, There is SO much bad news lately, employment, downgrades, gap-downs, Aug14, Argentina, Brazil, consumer debt, etc. (ad nauseum) that I am personally really wary of bull traps. Definately a time to be careful IMO.
Then why be one???? Bunghole, give the guy a break, its his first post and he was simply pointing out some good information. Who cares what happens next..
When the bright sunset fills The silver woods with light, the green slope throws Its shadows in the hollows of the hills, And wide the upland glows.
Friendlytrend, for the naz to be in a minor uptrend it will have to show a higher low than the previous low (approx. 1200) and a higher high than previous rally. It hasn't even begun its downturn yet. If you are talking about the bear market overall, that would require an uptrend, higher highs and higher lows, and possibly some side movement for at least 3 weeks, as long as many months. This would then possibly, signal the end of the bear. I could be wrong. We could call Mdme Cleo. Any comments/criticism welcome although I don't really need to state that here.
I've got it.......it's going to be an uptrend........unless it's a downtrend......or a sideways trend.
All indicators are in place for the start of an uptrend. If Nasdaq can climb at that level, shorts will have to cover their positions and go long (including myself). If it's not strong enough, I will add to my short positions. People on the board who can't see how Jeff got these numbers don't know a damn thing about trading. I bet those dummies dont even know how to trace trendlines. That's ok because the money made must be taken from someone. I am just glad I belong to the ones who take it.