As the above chart shows, the 26ema has crossed above the 50ema for the QQQQ. While the cross from last August did not work out, this is a bullish turn of events. Coupled with the bullish momentum divergence in the macd this supports the case for higher prices, which will be confirmed when the 3/26/09 swing high of 31.46 is taken out. In the meantime, it is quite likely that the Qs will come down to test the 50ema at 29+-.Monday, March 30, 2009
Bullish MAs
As the above chart shows, the 26ema has crossed above the 50ema for the QQQQ. While the cross from last August did not work out, this is a bullish turn of events. Coupled with the bullish momentum divergence in the macd this supports the case for higher prices, which will be confirmed when the 3/26/09 swing high of 31.46 is taken out. In the meantime, it is quite likely that the Qs will come down to test the 50ema at 29+-.
Subscribe to:
Post Comments (Atom)
1 comment:
The very fact that Q's 20E X 50E gave a false signal last Aug just prior to falling out of bed, while DJI/SPX did not, made me suspicious last week, and that there might be "another shoe to drop"...THUD.
While i have always regarded the Q's as the canary in the coal mine, or the hood ornament on the car, you pointed out on Feb 5 "An interesting observation looking back over the last year is that the QQQQ relative strength has peaked with each rally. ... So, rather than viewing the QQQQ relative strenght [sic]as a bullish omen, it is probably a sign that a top in the Qs is near."
Post a Comment