QQQQ's Current Trend

Discussion in 'Technical Analysis' started by ess1096, Jan 29, 2007.

  1. ess1096


    Looking at the chart I posted:

    The yellow line being the old trend.
    The blue line being the current trend.
    I would look for a bounce at the blue line followed by a higher high than $45.40. Without the higher high I would expect the red line to become the new trend.
    Of course, if the price just trades through the blue line without a bounce, and it could judging by Friday's volume bar, the red line would probably take over as the new trend, a down trend. This is only my opinion.

    Any opinions otherwise?
  2. ====================
    1] Figure fridays trend is down like todays open pcice=short term down

    2] 50dma ,medium term trend =down, clearly down

    3]200day moving average =up ;also unusually strong 4th quarter uptrend,probably retest highs, same with SPY, DIA:cool: