S&P 500 & Nasdaq Analysis and Trends

[frenchee]

QQQ Forecast for 27 Sep 04

The RSI, MACD, and CMF indicators are suggesting QQQ has further to fall. Since the RSI is a momentum-based indicator, MACD is trend based, and the CMF indicator is based on the accumulation/distribution line, all three are measuring different technical aspects of QQQ's performance and all are pointing toward further weakness. The market is in a confirmed bearish trend, according to the 17-day EMA and Friday's price close in the lower half of the Bollinger Bands. In sum, trend and momentum appear bearish, and QQQ isn't oversold yet.

Two significant QQQ components, semiconductor and networking stocks, were relatively poor performers on Friday, down nearly 3% and 2%, respectively. If there's follow through along with the biotechs on Monday, could see a move toward my next price target of 34.50.

In case I'm wrong, I'm moving my GTC stop down to 35.85.


http://stockcharts.com/def/servlet/SC.web?c=QQQ,uu[w,a]declyiay[dc][pc17!h.02,.20!d20,2!c200!i!f][vc...