Wednesday, April 6, 2011

QQQ Buy Setups Developing

The Qs have been lagging during the latest rally as the IWM has already made new highs and the SP500 is getting close to new highs.  However, the Qs are setting up some potential buy signals with a cup and handle or head and shoulders base pattern.  A move above the April 1 high would trigger a 3 week buy signal.  A move above the March high would trigger a buy signal on the weekly/daily strategy.  There is also the potential for a hook buy signal to develop in the MACD.  It hasn't setup yet, but appears to be working on it.  Overall, it looks like the the rally will continue as expected.

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