I’ve been watching the Powershares QQQ Trust (QQQQ) using only end-of-day prices and it looks in good shape from a price/time view. The price/volume view is not so good as there has been much less volume on the way up from March than there was coming down from October 2007. This fits in with my retest/new low scenario into the upcoming October. The bullish hope is for a double bottom on lower volume to eventually form.
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:28 am
Tags: Double Bottom · Price Retrace · QQQQ · Square of Range4 Comments
4 responses so far ↓
I am always interested in the qqqq because i trade the options.. I just cant figure it out.. Today we went south in qqqq…Elliott wave is very interesting( even though i cannot figure it out) do you think this is a bearish market with bull runs to trick all the investers before it heads south and leaves everyone holding the bag???? or do you really think the tide has turned..
Johnny - I do watch the QQQQ for divergences from NDX and COMPQ. I think traders setup the indices and move the QQQQ where they can make the most short term money. If the QQQQ is down when the NDX is up, I expect a down day the next day. This is only short term and usually when volume is low.
The shorter term range of the QQQQ has a 50/50 point in the next couple days near 48. I would not be surprised to see price hit this. But I do expect some type of retest of 1440 in June to complete the move up from March.
very good work
what i find realy interesting is many of your turn days are very similar to another web site i look at
http://www.tradersaffiliates.com/WEEKLY%20UPDATE.htm
Joe - The price/time equation of the market is out there for everyone to see. I find it remarkable that so few take advantaged of it.