*~1Best~* Market Timing & Trend-Signals

[*~1Best~*]

Market Comment Update on Nov 3, 2008 ~ Consolidation Period in tight range before the election and breakout signal watch out as directional confirmation. Good luck

QQQQ 15min ~ running channels on 15 min for 3-4 trading days. A break out from the channel is initial signal.


QQQQ 60min ~ is showing early rising wedge trendline support violation. While the price formation can be considered as strong which could push up to near 34 with the election result with bullish stance, it is wise to look for a trendline breakout confirmation as noted above 15min channel as early signal.




QQQQ Daily ~ is showing 33.50 +/- consolidation resistance with a 3-4 days consolidating tight range. While I noted bullish stance on the 60min chart, we have a potential inverse H&S formation on daily as "Mirror" price action to retest the low, or new the low to fill the gap.



QQQQ Weekly ~ is showing consolidating formation as we can see macd is starting to form a base. We still have wave 5 to form in bear wave formation.



SPX 60min ~ is showing 960 support consolidating with negative divergence. Breaking below the 960 support, 920 -900 filling gap and retest of the low is expected.


SPX Daily ~ closed abvoe 50dma support 940 which is a positive sign as it consolidates above the support; however, we can see 985 resistance during the consolidating phase.



SPX Weekly



DOW 60min

DOW Daily

DOW Weekly

Nasdaq 60min

Nasdaq Daily

Nasdaq Weekly