QID - QLD TRENDS (fka )

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I suppose we can't know for sure Larry because this month is not over but currently the uptrend since September has broken down. Just draw a mental line under the lowest points on the candles on the monthly candles since September. The candle now forming is below that lower trend line. Expect the trend line to now act as resistance if the SMH does attempt to rally.



How likely is this month to turn positive for the SMH. Lets look at the weekly volume for clues. Note the last two weeks have been distribution weeks. In fact three of the last six weeks have been high volume selling weeks:



How about the daily chart on the SMH? Have the highest volume days lately been selling or buying? It's been high volume selling on numerous days except for a couple of up days on high volume lately. Friday was up but on very low volume which makes me wonder if the SMH will be turned back down when it hits resistance on any further rally attempts from here:



The 50 day sma at 32.81 will be difficult resistance in my humble opinion.

Finally, it's obvious that the SMH is getting more and more trading interest from both retail investors and institutional investors as a trading instrument. Thanks for the charts. The longer term trends are the most important.

RtS